rvpiano, an interesting approach. Somewhat similar to mine, but a tad more arbitrary I think.
I too have a huge collection accumulated out of curiosity which has only rarely been purged of anything other than musical trash. (I don't own a recording of Wellington's victory, even on Telarc :-).
I have 3 types of music: 1) Music that demands attention (where you have to sit and ' listen'!); 2) Music that is known and generally familiar, but not examined in detail, and where recording quality is important so it does not become a distraction and performance not so much. Excellent for reading which I do a lot; and, 3) plain old wallpaper music, such as movie themes, lots of easy listening jazz, pop vocals, etc.
So I let my activities and my mood determine my music. Probably 80% of my listening is to category 2. 10% to 'great' classical and 10% to less challenging stuff. I'm retired so I have more than enough time for critical listening, even to 'audio'. :-)