I've got about 10 complete sets for each season. That sounds like a lot, but the thing is that every now and then, it's hard to get myself to the gym: my mind sometimes wants to find an excuse not to go. I try to avoid giving it one by always having clean gym clothes without having to do laundry each day.
My tops are usually some sort of wicking material--right now, I'm wearing Activa short-sleeved shirts with Nike shorts; on hotter days, I wear sleeveless closer-fitting tops. I'm not a huge fan of shiny spandex--I do have some cotton/spandex blend types of short Nike shorts.
I never put any of these clothes through the dryer because they'll shrink or get misshapen. After I wash them, I hang them on wooden racks with pegs--I put them outside in warm weather and keep them inside in the winter.
By the way, I think women's exercise shorts tend to be pretty awful. They're either in a man's style (long and big but with "women's" colors) or they're cotton and the material is too flimsy and the style is often too short to allow for comfortable movement. It's hard to find shorts that are just right, so when I find them, I'm sure to get a bunch of them. I think all of my shorts are by Nike. They had a really great line out last summer and the summer before--breathable shorts in great colors--they fit well and were only about $20 each (on sale). They've lasted well too. After washing, they're basically dry in a couple of hours. Same with the activa brand shirts--dry in no time.