I have an internal dilemma.
My head says Think of the environment! When there's more holes than fabric then you can throw it away. Ok I'm exaggerating a bit, but you get the picture.
My heart says Hell no! I'm not walking around looking like a tramp, if it's faded, stained, lost its shape or become excessively bobbly then out it goes.
So, where do you draw the line?