Hundreds of threads read that people have two or more characters. Is this just personal choice? Or does it have actual benefits? Like being able to experiment with the abilities of other races and stuff like that. I'm debating whether or not to split my time between my high elf and another character or just keep one.

Its mainly to get a different experience, my moral Altmer is quite a bit different than my sneaky dubious khajitt play-through

I have a character of each race so far, each one devoted to a different play style. Most of them never get past whiterun, though. I've decided no more new characters and no rerolls.

It sounds really hard to divide time between over five characters.

I just play - finish - reroll, thats just me

For my own part, I create new characters because no one character would do all things. I made a staunch Imperial knight who would have nothing to do with the Stormcloaks. So if I want to experience the rebel side of the civil war, I roll up a new character. Chalk it up to roleplaying, I guess.

I play one at a time. I play it through till I'm "done" with it - then delete all my saves and start something different and play a different set of questlines with it.

Do whatever YOU feel happiest with. That's what matters.

The only problem is that it's only partly my game system. I live with my mom and the ps3 is at my dad's house so I only get 2 hours a day on the weekend maximum so I don't know how it'll take me to get "done"

^this