I've been doing this for about a year now. Well, I slowed down on purchases anyway but I didn't stop 100%. Instead of buying a game or two a month, I've been buying a game every two or three months, avoiding sales (unless they are too ridiculous to pass up) and generally staying strong against new release hype.
I've been marathoning my backlog like crazy to strike games off my list. In the past couple of months I've finished Crysis 2, Dragon Quest 9, Ghost Trick, Asura's Wrath, Cave Story, Beyond Good and Evil HD, Fallout: New Vegas and last night I just finished The Legend of Zelda: Twilight Princess and still had time for work, family and friends.
I started at around 40 and now I only have 11 more games to go and 9 of them are legnthy RPGs including Tales of Symphonia, The Legend of Zelda: Skyward Sword, and Xenoblade, so I may take a little break before I dive back in, even though I can't wait to get started on the next game on my list. It does feel a little like work, but fun work.