If you can realistically afford it then nothing wrong with buying camera gear or anything else that makes you happy.
I got my first DSLR 4 years ago, a BRAND NEW Rebel Xti. I was sooooo happy to get it! (For the record, I still think it was an amazing camera.) I then wanted a second body so I got a 30D, then sold the XTi and got a 20D for matching "prosumer" bodies, then sold the 20D and got a 40D (my dream camera of 2007.) Well all those cameras were pretty much the same quality wise, yes the 40D was very quick but it didn't help MY style of photography. Sold the 40D, got the 5D. Love it!
I've downsized my lens collection, at one point I had a 24-60, 10-20, 70-200, and Sig30 and 85mm. Had all the FL covered! But when I got the 5D I decided to do some changed- 24mm was wide enough now so I sold the 10-20, swapped the 30 for 50mm, and recently sold the 70-200 which I never use (I might want to get a 2.8 lens at some point). I've got a pretty modest set but it does exactly what I need it to do for me. The money I got from selling the 70-200 is going towards a Canon S200 compact when I can find one- because I don't like dragging my gear everywhere but would like to take more pictures.
My gear lust is over, I buy things practically now.
I don't believe that anyone is spoiled because they have a nice gear list that they have worked hard at to put together. I think the spoiled part comes in when you see young people complaining because they don't have it and no one will buy it for them. 
