I've noticed that I have (what I believe to be) quite a bit of equipment. I just made level 31, still first gen, about to retire.
I gear up with sets by theme, or by looks mostly. Things that look good together, like Mail shirts with Splinted Leather greaves, or heraldic/transitional armor with a Mail Coif, or all leather and a plain tunic with Quarterstaff. Being first gen and only character I ended up with a hybrid build and points in pretty much everything except X-bows.
Currently I've got a lot of green gear: Green Tunic, Green Tunic over Mail, green Surcoat over Mail, Green Corrazina Armor. My main weapon is the Heavy Bastard, but I also use a Flanged Mace and Kite shield, or a Long Dagger. I also have a Ninja set; Black Lamellar, Black Hood with Mask, black Khergit Leather boots, Katana and Wakizashi. Also a Bow and Khergit arrows, a cheap horse and Light Lance, the aforementioned Quarterstaff, half a dozen different helmet styles, a few gloves/gauntlets and leggings... a GGreatsword and War Darts. Hell, I even have some peasant gear for my upcoming retirement. All within first gen. Why do I need all this stuff??
So how many sets of differing gear do other people keep around?