3-5 discs total.
Why?
Mainly, I don't like carrying a bag. Even small bags I find cumbersome. The Spider Money I have now is a great bag, but more often than not I leave it at home. It's not the weight, either. It's just the fact that I have to set my bag down, get my disc out, throw, pick up my bag, walk to the disc, set the bag down again, take out another disc/mini, take my second shot, put the first disc/mini in the bag, pick up the bag, reapeat as necessary. The courses I play are not very long, nor do they have long walks between holes. I don't carry a lot of stuff - I don't need a stool, I don't play in the rain, and I rarely need a beverage during a round. My Spider Monkey stands up nicely so I guess this point is moot, but most other small bags flop over when you set them down, spill your discs out, and get all dirty. Then when you put the bag over your shoulder, you get all dirty, too.
I don't play very often, either. I'll play maybe once or twice a week, and usually only a round or two each time. This dosen't really afford me the opportunity to learn a bunch of different discs, nor does it really make sense to me to carry a specialty disc that might only get thrown once a month. I play when it's nice out - I don't need to change my line-up for rain, snow, cold, or wind. I need a handful of discs I can really count on. Basically, every disc needs to be my "go-to" disc for that purpose.
I don't want to spend a lot of cash. I've already gone a little overboard buying out all sorts of new discs to try, and even more to collect. 3-5 discs with a few backups for each is acceptable - not 10 different molds in multiple plastics in various stages of wear with backups for each.
My reasoning for this extreme minimalism is a personal choice, and it's not for everyone. I'm not saying that it's wrong to use different molds, or carry a bag full of 30 discs. But the fact remains, I have more fun and actually play better with three discs in my hand and a towel in my pocket than I ever have with an entire bag.