It is... I have a veritable sack full of lenses and flashes and umbrellas and stands and what not. 95% of my photography is kids sports & vacations, so cycling interferes not one whit.
I could afford one of those new bodies if I wanted to I suppose, the same way I could buy a new bike instead of cobbling one together out of parts, but where's the fun in that? I bought my 1d used about a year and a half ago and could probably sell it for the exact same amount, 50,000 frames later. Can't go wrong with that.
That's two expensive and time consuming hobbies right there...