My biggest problem with this thinking is that it seems to consider "books" a unit of measure rather than distinct objects. Surely there are those among us who use the amount of books we've read as a sort of decoration for our intellect, but that's not really the point of reading books.The point is to make the knowledge in the books a part of us so we can live a better life. For that end some books are clearly better than others.
However I agree with the idea that it's impossible, and I would argue undesirable, to keep up with the "parade of new titles" put out by publishers.
So if we can't keep up but reading is still worth it, then the question becomes "How do we decide what to read?".
For my part I've found that the more old books I read the more I realize that many modern books are ful of old ideas with a slight (sometimes very slight) twist. So now I'm working through classics and only reading things sparingly. The criteria I've picked up is:
1. The book must have been around for at least a few generations
2. The book must have had a significant impact on how the world, or a field, is viewed
3. The book must be highly regarded by those who study it, even if they disagree with it
4. The book must deal with topics that are relevant to today (love, leadership, etc.)
This naturally leads to many so-called "classics". In reading them I've found that I rarely feel my time has been wasted, I feel I have a broader perspective, and I feel I've been able to elevate a bit above the frothy front end of new pop psychology/business/hero worship titles.