I've seen some talk about too many cards, etc. In my case I have applied for and obtained a number (at least for me) of credit cards over the last 8 months. If I remember correctly I've received (I might be missing 1 or 2):
Starwood
Continental
AA Visa
AA AmExpress
Hyatt
(BA Pending)

Previously I had the United card but canceled it. I have a bunch of other cards that don't charge fees (such as Discover) but aren't used any longer.

When I applied for the BA card I received a phone call (voice mail) from Chase. Today I just got around to returning the call and the only issue or comment they had was regarding my total credit line. I had them reduce my credit line on Continental (since it has served its purpose and will be canceled when it comes time to renew it) and place a larger limit on the new BA card.

My credit is excellent (can't recall being denied any credit anywhere) but obviously there are limits everywhere. I don't really need credit limits such that I could buy a car with, although I might try to use one the next time I get a card for partial payment.

I'm only hoping I receive the BA card in the next week so I can use it on my Europe vacation and reach the spend limit easily. The no foreign fee would make it ideal, otherwise I'll have to use my Hyatt card.

The two AA cards are close to the $1500 spend and I'm hoping to see 75K miles from each.

Not sure if any of this helps anyone but this has been my experience. I plan to avoid opening any more accounts the remainder of this year.

Good Luck