Well, morality is subjective, and as such what one person views as objectionable may be perfectly fine by another. I know someone as well that I found out has pretty much a new boyfriend every week, sometimes two or three every week, all at the same time. My first thought was...well, we just won't go there, needless to say it wasn't very high, but she's fine with it, and in the end that's really all that matters.
Determining what is too much is really only possible if you're speaking in terms of addiction or obsession. According to the DSM...IV? V? I forget which one they're on now, any behaviour is only a problem when it's done impulsively and has a degenerative effect on what would be considered a normal life, go to sleep, go to work, etc. Until the behavior begins to interfere with those, it's still considered justifiably normal, regardless of what anyone things.
Now, on a purrsonal level. I'm 24 and I'm a virgin. I...will probably always be a virgin. I always had this grand ideal of what sex should be like and had my heart set on what my first time would be like. All very unrealistic but I find it hard to let it go(Note: Having sex is considered normal and by my not having sex due to a mental hangup technically I can be classified as having a mental disorder as well). That being said, I find it hard to imagine what life is like for these people that have slept with a dozen, two dozen, 50, 100 people in the space of a decade, but at the same time I don't have a hard time believing it.
I also believe though, that the people that are sleeping around with a hundred people aren't getting anything out of it on anything more than a physical level. The only emotional connection they have is that they didn't spent last night alone, so it's all good for them. Couples in a healthy relationship that have good, fullfilling sex don't need to go out and find someone else to fulfill their sexual needs, and that's one of the leading causes of divorce in this country. If one of the partners isn't getting what they need out of the relationship, they will seek it out. We are human. We have needs, and we have the build in programming down in the recesses of our DNA to find that which we need to fill that void in our life, both physically and emotionally, and keep the species going, aka getting busy.
Whew, long answer. Hope that hit the nail on the head.