I think most of you have the same thoughts as I do on the subject. Wear it, don't save it.

But I wanted to support Lyn also, because I have gone far away from the idea of $1 CPW. My CPW is $15 because of the local costs of clothing and the need to push myself to buy better quality. Shoes for example. I could easily buy $50 dollar shoes (the cheapest there is here) and wear them 50 times in one season. But it is highly likely they will be either ruined in 50 times or painful to wear. I would rather wear a $200 (the standard level for quality here) or $400 (the high end that I am willing to go here) pair that are super comfortable and also perhaps has a little special look or just that perfect color. I am paying extra for this, and I need to allow myself that permission. I am trying to break out of a lifetime habit of buying cheapest instead of PPP. Do you others not find that conflict also?

Of course, this limits my buying power, have to have less to afford this!

I buy the thing that makes me happy. It might be the cheaper or the more expensive thing. This doesn't mean I get the cheapest things to get a good cost per wear. I like quality fair shoes and have my fair share of premium denim. But I do have limits as to what things are worth to me. An item has to be really lustworthy for me to pay more. On these items, I disregard CPW but the love of them does make me want to wear them often. The Ella Moss moto may not add up in terms of CPW, but it's high in love per wear.

To me, it means not buying something and then having it languish in your closet waiting to be worn. It also means buying an item and wearing it often because you love it and feel great in it.

Great answers.

I love what Sussie said:
To me it means stop thinking about the next acquisition and enjoy what I have now.

Ditto.

What Shannon says. Also Susie as quoted above by Ornella.

For myself, this means everyday clothes (whatever that is contextual to my current circumstances) should get worn at least once a fortnight and preferably more in their key season...or I should ask myself why.

I tend towards wanting to wear things until they get holes in them!  But I sometimes discard other items that are pilly or bagged. I have long suspected that my standards are somewhat lower than most of YLF on this! (as in, I wear stuff that others would have discarded as too Shabby)

My take on this has been to be VERY disciplined about how much I buy. Only one casual sweater for each winter ( and some I have skipped) which may be worn 3 times a week the first year, once a week the second year if it still looks good and then a few years of being demoted to house wear. 
One jacket a year has been plenty (and in terms of wear, I could get buy with less) It took me 5 years of wearing my first pleather jacket for it to start cracking and only then did I replace it.

Of course, sometimes I make mistakes etc but that is my ideal. 

I am loving the fact that now I am at work I am lowering the CPW on my old work clothes and other clothes that I bought more recently but tended to be only worn on Sundays.