I'm a handgun guy. For my EDC (I have only one EDC) I currently have six magazines, and I can't fathom any reason why having MORE would be a bad thing.
For a general fun/range gun that I don't shoot all the time, I can get by with two magazines. For those guns, I won't chase down more magazines at $25 or more, but when I run across a good deal on a gently used one, I'll take that risk and buy it if the price is right. I've had pretty good luck separating the wheat from chaff in magazines, you won't see me with ProMags or other crap.
For a pistol that I really enjoy and love to shoot often (such as a few of my rimfire pistols), I actually feel pinched & unhappy if I have less than five magazines. Although, I have only four for a hi-cap 9mm, and I'm pretty solid with those four considering that it's sixty eight rounds of 9mm in those four mags.
I have four magazines for my Coonan, and I am loving life. I'm also probably in the 99th percentile of Coonan owners, because these magazines are extremely expensive, back ordered, and damn tough to get. So I feel blessed that I've got four of them.