I disagree partially. Of course, having 300 options, 235 of them are insteresting, is not glut. But having 3000 options, even if 2350 of them are interesting, is glut. When a player (especially a newcomer) has to read through half a million options, including feats, traits, backgrouds, themes, maneouvers, spells, classes, features, races and prestige classes or paragon paths, then there is glut.
I think it's unfair to judge all of these as a group.
10 races
10 classes
20 Paragon/Prestige Classes
10 maneuvers
50 spells
100 feats
That's a lot of material, and collectively may seem to be too much, but when looked at at an actual level, there's a very limited matrix for each class to choose from.
I understand that you might disagree, but I think the majority of us have a "maximum" number of options that they want. The number might differ from person to person. Sure, most of us want more than 5 classes and 10 spells. But that does not mean most people want 1000 classes and 100000 spells either. Somewhere between those extremes is where most of us put their limit
I agree that there is some ceiling, but that ceiling is determined by creativity. If WOTC can remain creative throughout most of the process, offering a few, but meaningful and interesting choices in their never-ending splat, I think that ceiling will take a long time to reach(at least for me). If WOTC quickly dives into repetitious, highly similar material drawn from a pathetically small source, then that ceiling will come quickly.
Basically, I'm fine with trans-finite new material provided that WOTC makes it worth my time and effort to find the exact options I like. Realistically, there will come some point where I'll know what options I want and any more(unless strictly better through power creep) are irrelevant.
Ideally I think glut can be stemmed if WOTC produces interesting material, with a high level of customization ability. If I can easily reskin a spell, maneuver, or ability to more flavorfully fit my character, WOTC won't need to continually produce alt-variants of existing material. I would personally like to see splat books introduce 2-3 new options for each class, and whenever new classes are presented, back-stock them up to existing class levels in options.
One of the most disappointing things about nearly every edition is that early-release classes continue to get new options, and newer classes only come with their starting package. IE: I love the 4e Caviler, but there are basically only 2 ways to build it, tank or backup-healer. The stock 4e paladin however, gained almost all of the options of the Caviler and in addition to it's already prodigious level of material. The result was that while the Caviler was really cool, the base stock was everything the Caviler was and more, making the Caviler fun, but largely irrelevent save for those folks who
loved the mounted holy warrior trope.
This is party why I want to see new splat options kept to a minimum, so that it is easier for newer classes to catch up.