I'm somewhere in between. I don't consider my collection large, and I certainly don't have as many as I had during my initial surge of purchases in the first few years of the hobby; but I am still susceptible to impulse purchases when I see a knife I want, and I have no desire to put limits on that.
What initially sparked my change in perspective was a move cross-country 5 years ago (from FL to the PNW), where I also decided to keep my properties back home, leaving me with expenses in both locations. At that time I made the decision to consolidate, get rid of some knives I deemed redundant in my collection, and focus on fewer, higher ended knives. First was the Inkosi Insingo, and I carried that as my main knife for a year or so. Eventually, the bug bit me anew and I did start purchasing again, but with the realization that it's not all about ownership of every cool knife I see, and that I can get more personal enjoyment out of a select few. I still get the "MUST HAVE!" fever when I see some knives, and I'm still often quick with the trigger on many of those occasions, but it takes alot more than it used to to give me that feeling.
I also, by nature, am the type to get rid of things rather than holding on to them. This is something that I've always done. My first business actually was when I was in middle school, as a Baseball Card vendor, turning my childhood hobby into funds for my future interests. Likewise with knives, if I get bored with one I move it along and try something new that excites me. I don't fool myself into thinking my tastes have evolved though, just that I like experiencing new stuff. And the knives that I don't loose interest in after having for a while are likely the long-term keepers.
To answer the original question, I do think I am at a place where I feel like my collection is somewhat complete, and for the most part manageable, however I am far from being done with purchasing more. Luckily I now get the same enjoyment from a new SAK or Plastic Spyderco in an interesting steel, as I do from more expensive purchases; and alot of my purchases these days are driven by ideas I have for customization, which I find most enjoyable of all. I don't think I'll ever have an extremely large collection again, but I also don't think I'll ever stop buying new knives.
