Hamfist, I'm glad you're wearing clothes in that picture...
I'd go with the one guitar thing. I have a single decent electric, a single decent electro-accoustic, and a cheap and nasty bass. Initially it was just economics I guess - never had enough money to pay the mortgage, let alone fritter away on luxuries...
But I think that as I'm getting older I more interested in guitars. I've always been an obsessive player, but now I have a decent income and I'm at a place where I can think about other guitars (hence my inane rambling about buying a Tele...)
But I think that you can put a lot into a single instrument. You get to know it really well, the best parts of the fretboard, nuances of the volume and tone controls.
Mark.