To me, it's about balance. I buy only what I love and can afford at the time and I don't build my life around them. I use them and enjoy them but when I find I don't carry them anymore, I get rid of them and don't look back.
Too much can be too much. I find there are two types of people when it comes to these type situations. People who buy what they love and they enjoy it and keep it in perspective and those who feel like they have to have the latest and most expensive because they lack other things in their life. And usually, it's attention. I know people like this. They shop EVERY SINGLE DAY, have the latest high end bags and shoes (and they always seem to have to tell you how much they cost), but they are miserable at home. They have virtually no relationship with their husbands and their kids are disfunctional and under-developed. They get no attention because mommy shops all day long. It's sad and ridiculous.
I don't think there is anything wrong with having nice things but I also believe in listening to that little voice inside your head. When it begins to tell you "enough already", you should listen to it.