I own dozens and dozens of them. Renting is for dirty poors. And I don't buy them for the spine numbers. I am sure if there were some crapajapamu on CC, you would be squirtin' all over them.
Using Netflix has actually become a very trendy way to enjoy movies. Sometimes, movies are so mediocre that one'd feel ashamed to give some form of patronage to them, regardlessly of his income.
What's the big deal about owning a collection of movies anyway? It makes people feel safer? Most everything gets devalued over time anyway. It's cumbersome to manage, and makes you a target for theft.
All the DVDs I own, they're to be given to someone else when I move out again in August. I'm not taking a single original movie or game along, save for Virtua Fighter 5, and that's only because I want to use the Virtua Stick with Sanwa parts and it's only for PS3.
I don't own a single Blu-Ray or HD-DVD other than the titles that came bundled with the hardware, and will probably never purchase any.