I used to keep all my games but have changed my ways since a few years. Now I know that I will never replay over 90% of the games I buy. I still have boxes full of pc games that won't run anymore. My current pc doesn't even have a 3.5" floppy drive, let alone a 5.25" drive. Those floppies are probably corrupt by now anyway.
CDs and DVDs last a lot longer, but they're just taking up space. There's too many new games to play to fire up the old ps2 and replay some of it's greats. It doesn't help all the old console games look crap on modern HD tvs. The really good ones luckily come back as HD remakes.
Currently out of 21 xbox360 purchases I have 11 on the shelf and 49 out of 71 ps3 game purchases. I would have sold more if the trade in prices weren't so insulting for anything over a month old.
I'm completely different with movies though. I still have boxes full of laserdiscs while my player has been broken for years. A lot of doubles on dvd and blu-ray, yet not getting rid of the dvd.