When I first started collecting nearly 20 years ago, I was adamant I would only get the first six collector's pose ponies. Well, over 600 ponies later, I'm still not finished!
My collecting has evolved a great deal over the years. I used the various websites and compiled my own wish lists. At first, I only wanted the ones with subtle colours and shunned all the brightly coloured ponies (I found them garish). I didn't want to collect any G2s or G 3.5s. I didn't want any beddy bye eye ponies (I found them ugly) and disregarded any ponies I considered to be gimmicky, like the Brush 'n Grow and the Dance 'n Prance ponies...
There were many other limitations I imposed on my collection too, but gradually, over time, these changed. There are still some hard rules such as no beddy bye eye ponies (I still find them creepy!) or G3.5s, but I now have many brightly coloured ponies, a substantial G2 collection and have softened a little on the gimmick front.
For me, it's been a process of evolution and constant revisiting of ponies I've previously disregarded. For example, for the longest time, I didn't like TAF Buttons, but then one day, out of the blue, I suddenly loved her and now she's one of my favourites! It's quite scary how that can happen!
I do have space and financial constraints, so that has been a limiting factor. I've also decided that I won't be collecting any G5s and, I must say, it does feel good to draw a line under my collection and concentrate on filling in the gaps and upgrading existing ponies etc.
Another self-imposed limitation was accessories. I have a few now, but they're mainly combs and brushes so they're small and don't take up much space. I never buy whole playsets.
To sum up, I suppose I decide which ponies to collect based not on completionism, but on which ponies I fall in love with.
I imagine this is all quite familiar to many collectors on here.
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I should think there are quite a few, but not everyone is willing/able to discuss it. But yes, I am one of them.