Well my experience is best described with some time line info I guess. Dates are rough periods of time and I apologise if this gets lengthy. Sit back with a cuppa if ya like!
2002 - Bought first point and shoot Fuji digital camera
2003 - Bought Canon 300d, kit lens, 75-300mm, 50mm f/1.8
2005 - Bought canon 50mm f/1.4, 70-200L f/2.8, 17-40L
This is where it peaked for me in terms of disposable income, my interest levels and commitment towards photography. I had access to a lot of other lovely gear via colleagues and friends and photography was my number 1 hobby. I have very little to show for this though, and feel I never got to a level where I was taking pictures I was really happy with. Obsession over equipment quality, was high.
2006 - Sold all my expensive lenses and went back to kit lens and 50mm, mainly financial reasons, but also the lack of use and general lack of enthusiasm in carrying around such big/heavy/expensive lenses that grabbed too much attention. With kids, carrying something lighter started to appeal.
2007-2008 - Got back into it a bit and upgraded to a 350d.
2009-2011 - Swapped about a bit going from a 350d to 400d to 450d and having focus issues with them all on some of my lenses. I finally settled on a 50d as it came with AF calibration. Finally I was happy my gear all worked. I bought a Sigma 18-50mm f/2.8 as my main walk about lens. It took me 3 bad copies and a bad tamron to arrive at that. Again, the obsession over quality and perfect focus was there which kind of got in the way of the enjoyment of photography as a hobby.
It was almost like, I've spent quite a bit and this is good equipment so the results should be very good. Anything less where equipment malfunction/calibration was possibly the reason, I became too fixated on this.
The 50d was great. The Sigma was great. The 50mm prime was great yet still...
2010 - 2011 - I was using my camera less than ever. Everytime there came an opportunity to take it out somewhere I'd find an excuse. It was usually because it was not suitable to drag around my camera bag and lenses due to having kids with me and having to carry and look after other things. The weight and bulk was just hassle.
Then there was the stress of worrying constantly about where the camera is and accounting for it all the time. Is it in the buggy? Well I can't leave the buggy there. I'll put it round my neck...but now my neck aches and it's swinging about all over the place. Now I need to go back to the bag and get another lens etc etc. Of course, I am exagerating here, and frankly I can deal with it, it's more that I'd rather not have the hassle as it's more important to me to have a good time when out and about with my kids/family, and I was enjoying life more without this camera baggage complicating things.
2011 last autumn - It suddenly occured to me that I was using my camera so little that maybe I could downgrade all my gear to a decent point and shoot, or maybe even micro 43rds. Something else came up and I sold all my Canon gear to finance a mountain bike. Everything went. I saved a little bit from the sales to invest in new gear when I saw something I wanted.
2012 - My love for photography never went. I felt terrible that I had not been taking pictures of so many things. So much of my kids lives and missed opportunities. I started to desire a decent camera again. Lots of options went through my mind. I waited from January through till April watching announcement after announcement about Sony NEX, Olympus EM5 etc.
I decided I had to have an EVF on the camera so in the end could not refuse the ridiculous deal at Tesco for a Panasonic G2 for £180 plus the Panasonic 20mm with £50 cashback.
I have never been happier with a camera. Photography is fun again. It's accessible. It's portable. Lenses fit in my pocket or a tiny bag, that I can put in other bags. I am satisifed with the image quality. I worry not about the gear, but more the results and enjoyment of it. I love the modern feel of m43rd gear. And this is JUST a G2. Imagine a GH2 or EM5. It has a great lens line up and user community already. Other lenses like the 70mm prime and fast kit lenses are on the way. I am happy with the low investment cost I have made vs quality level being very high. Frankly I would have even paid more for this on the basis that I actually use it with passion.
I feel like when I use my G2 and lenses, people see it and don't expect too much, like an underdog. They are usually surprised with the quality. I also like the feeling that my gear is now not "semi pro" in certain people's eyes, and hence I relax more that I am doing my own thing, and the expectation is not set high. There was too much stigma and stereotype associated with some of the gear I had previously owned.
I now don't even need to react when I see pixel peepers telling me and others on forums that X is better than m43rds. It fades into insignificance when I am this happy with photography right now.
M43rds feels pure and fresh for me.