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If you have Facebook check out this blog and comment on Facebook, not here. I'd like to get a nice discussion going from different viewpoints!
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This hobby is not really too much for a lot of people because money is a factor for limiting gear. I feel that many people keep in control of this hobby and not go overboard. A lot of people stop posting after a while and seem to cool down on their headphone passion after a couple years. Headphones can only give so much joy and there are other aspects of music to enjoy. I doubt I will buy another headphone for at least 5-10 years in the future which is reasonable IMO. And I plan on giving away a couple headphones to a friend since I don't seem to be using headphones too much these days. I also plan on playing around with more home recording and as a result, audiophile gear is less important to me because creative energy for music making is much stronger. I also feel that if a person plays a music instrument, headphone and stereo hobbies become not that important because creative energy and music making is more satisfying in many ways.
Also, I know people who are interested in more about seeing concerts. For some people, catching bands on the road and collecting live music or rare footage is more important. Arguably, being focused on the music content is more important than playback sound quality. I still believe in good hi-fi gear however, sound quality can only give you so much pleasure. It's the action of the world of music that is more exciting.
This is ever so important. At one point, I realized I was so caught up in how my gear sounded I wasn't paying attention to the music as much. I took a step back and looked back into groups I really enjoyed and listening to new groups. It's definitely true that good music is the best and cheapest upgrade.
I like shiny new things too much to say I wouldn't buy another headphone for 5 years (heck, not buying one, once a year would prove to be herculean) but I've been enjoying more of the DIY side of this hobby.
I don't think this hobby can be too much, it'd only be too much if your housing and eating situations are suffering heavily. But that goes for anything else. If you have the means to support the hobby, the time and the enjoyment then I don't think it's too much. Even boutique cables and accessories that come into constant debate are fine. It's up to the purchaser to decide whether they are worth it or not. So if a person can buy 2 million dollar cables, more power to that person. If that 2 mil came as a result of cashing out a retirement fund, children's college tuition, etc, then there might be problems. Outside of that, enjoy the hobby, enjoy all the pretty and shiny toys and enjoy the music.
It becomes too much when you focus 100% of your effort on hardware and 0% on enjoying music
Its a means to an end, good equipment generally equates to a more enjoyable experience, the music should always come first though.

This hobby becomes a bit much when the "Favorites" grid on your Mac shows more than three audio sites. Mine shows four.
At one point in time, my wallpaper was the huge T2 schematic. I was trying to figure out how it works.
It's still there every time I close my eyes..........
I consider that this hobby is too much every time I consider making a new purchase. This includes the $13.88 shipped that I paid for my KSC75.
I was happy with my music. I enjoyed just listening. Using my iPhone and stock buds playing mp3 files that averaged 192-256 bit rates (...and I've done worse...), or just on my laptop speakers. Or my wife's 4-watt(ish) boom box if I want (gasp!) more SPL while I'm cooking noisily. I still do this regularly. But now I have a growing collection of cans and FLAC/ALAC and a bucket list of future gear. It's harder to be happy. And happiness in audiophilia with regards to acquiring devices usually comes and and then subsides like a drug fix. This is certainly true within my current will-buy price range of ~$300 for headphones (a little less for amps), where I don't expect that the gear is not going to knock your socks off, and by logic is likely to still be true if I climb up to where returns are said to be diminished. I mean, if you bought a TOTL, and are still talking about what aspects of your music another piece of hi-fi is reproducing better than yours, it sounds like a lovely problem to have, but it's kinda sick in perspective.
Most non-audiophiles can hear the difference between your gear and theirs; of those, most won't care enough to experience a change. Beats owners, when they defend their purchase against the best of your mid-fi, probably prefer their sound. People who are coming from stock buds would clearly benefit from anything from Sony to Senn to Beats, but some won't make the move. It is my belief that we as audiophiles are not any better off than them. The people who aren't interested in upgrading their sound probably have it best, followed by the people who bought Beats and will not move on to, say, our gear. I envy that about them.
This hobby is too much. Sometimes I get out of it. Then... well, you know.
This hobby becomes too much when your HP stand purchases can not keep up with your HP purchases. My HP's reside in a box.
Quote:
Headphone stands are overrated. A clean box is more practical anyways...
When browsing an online store, whatever category you choose you immediately sort by price in descending order. Also, if you've ever made a major purchase (online) after 2 am- assuming you don't work graveyard.
Mannequin heads. 
When you join a forum and then get banned 