I have a 400+ library of stuff too, I'm not really sure how many it adds up to when I include all my systems - probably over 500 by a bit.
However, I don't really feel guilty about having that much of a backlog and it's not really a collecting thing either. The reason is that I've implemented a system that I hold myself to, and, properly followed, it has me playing the game I most want to play at all times.
First and foremost, I make a list of every game that I'd like to have and organize that list based on the games I think I'd most like to have. It's one list for all systems and includes games that aren't out yet - the point of which is so that if I ever want to go out and buy a game, I know which ones I'm looking for most and am less influenced by whatever deals, promotions, or advertisements I've seen that day. If a game isn't on the list (for instance a new humble bundle comes out or Steam has a sale and something is really cheap), I don't get it. If it's part of a bundle and it's still a good price for just that game, then I might. The point is to keep an eye out on a lot of different games and know that you'd rather play x over y if they are the same price.
Second, I try every game I own (more or less). It doesn't have to be immediately, usually after I finish a game, I'll come back and try a dozen or so new ones. When you try a game out you give it about 30 - 150 minutes to show you what its like and what you'd get out of it. Some games like multiplayer games or long RPGs needs more time than that, but the point isn't to get a good way through the game - only to play until you know how much you want to keep playing.
Third, I maintain a second list that keeps track of the order I want to play the games in. Every time I finish trying a game, it goes in the list such that it's above the games I want to play less and above the games I want to play more. When I'm bored of trying out games and want to sink my teeth into something, or simply get through all of the games left to try, simply load up the game at the top of the list. It will always be the game I want to play the most - the only exception is if enough time passes between completing a game and putting it in the list, so sometimes I take a few minutes and reorder the list if it I'm more interested in playing a game further down on it than whatever is on top. When I finish a game or simply no longer want to play it, I take it off the list.
As a result, yes, I have hundreds of games in my backlog that I'll probably never finish, but I'm never guiltily playing a game I'm not interested in just because I own it and I'm not afraid to grab a new game that looks good - especially since more often than not, new games that I buy end up really high on the list and I get to them pretty quickly. Honestly, if you're playing games you're really excited about AND you've given the games you already own a chance, I think that's more important than having beaten everything you own if half of it wasn't what you expected or came with stuff you actually liked.
However, I don't really feel guilty about having that much of a backlog and it's not really a collecting thing either. The reason is that I've implemented a system that I hold myself to, and, properly followed, it has me playing the game I most want to play at all times.
First and foremost, I make a list of every game that I'd like to have and organize that list based on the games I think I'd most like to have. It's one list for all systems and includes games that aren't out yet - the point of which is so that if I ever want to go out and buy a game, I know which ones I'm looking for most and am less influenced by whatever deals, promotions, or advertisements I've seen that day. If a game isn't on the list (for instance a new humble bundle comes out or Steam has a sale and something is really cheap), I don't get it. If it's part of a bundle and it's still a good price for just that game, then I might. The point is to keep an eye out on a lot of different games and know that you'd rather play x over y if they are the same price.
Second, I try every game I own (more or less). It doesn't have to be immediately, usually after I finish a game, I'll come back and try a dozen or so new ones. When you try a game out you give it about 30 - 150 minutes to show you what its like and what you'd get out of it. Some games like multiplayer games or long RPGs needs more time than that, but the point isn't to get a good way through the game - only to play until you know how much you want to keep playing.
Third, I maintain a second list that keeps track of the order I want to play the games in. Every time I finish trying a game, it goes in the list such that it's above the games I want to play less and above the games I want to play more. When I'm bored of trying out games and want to sink my teeth into something, or simply get through all of the games left to try, simply load up the game at the top of the list. It will always be the game I want to play the most - the only exception is if enough time passes between completing a game and putting it in the list, so sometimes I take a few minutes and reorder the list if it I'm more interested in playing a game further down on it than whatever is on top. When I finish a game or simply no longer want to play it, I take it off the list.
As a result, yes, I have hundreds of games in my backlog that I'll probably never finish, but I'm never guiltily playing a game I'm not interested in just because I own it and I'm not afraid to grab a new game that looks good - especially since more often than not, new games that I buy end up really high on the list and I get to them pretty quickly. Honestly, if you're playing games you're really excited about AND you've given the games you already own a chance, I think that's more important than having beaten everything you own if half of it wasn't what you expected or came with stuff you actually liked.