First off, let's get one thing straight: I think that many of the Collectors Editions of games are simply amazing. I would love to have statues and bookends and art books scattered about my house. Of course, problems occur when you live with a spouse who would prefer to have an ocean breeze-scented candle on a shelf as opposed to a bust of Batman. The main reason I don't go for Collectors Editions is simply because the miss' wouldn't allow such "clutter" around the house. Heck, it's a constant battle just to keep my pewter Lord of the Rings figurines on my dresser in the bedroom, and those things are small compared to the foot-tall sculptures you can snag from some of the insane Collectors Editions. They are a dream to me, but not a reality. In my current reality, I don't spring for Collectors Editions for various reasons, the biggest reason already being mentioned. Some of the other factors holding me back are:
The Collectors Edition of a game is pretty cool, and I can definitely see it tempting some gamers to make such a luxurious purchase. However, it's just not for me. When you're living with a non-gamer and have a fixed income you are limited in what you can have, and I'd rather have two new video games than just one new game that happens to be a Collectors Edition.