I did not read most of the thread, but my recommendation to what to do with the money will not be different.
The smartest thing to do with that $1500 is: Not to spend it.
I know we all love new things. And shiny things. And new gear. And more stuff. It's all cool.
I am a 21 year old Business Major and I recommend not to buy anything right now. (assuming you still have at least 1 or 2 cameras to use)
Here is the scenario that I present to pull out a fantastic result.
-Take that $1500 and put it into a CD at the highest gain possible. The banker/credit union employee/etc. will probably tell you (if you ask nicely) what the best yield at the current moment is. Time does not matter but if it goes over, say, 3 years, you might want to reconsider and do a 3-year option.
-In 3 years (by my quick financial calculations), $1500 put into a CD at 5% will yeild= $1,736.44 (before taxes)
-Because of the onset of digital photography, film equipment is losing it's value. In 3 years (a very small amount of time where you can learn more about photography instead of just buying equipment and shoot with the cameras you did not sell). Just look at the prices from 3 years ago in the new AND used markets!
-All the gear you want to buy will have gone down in value substantially in 3 years and you can purchase MORE of it with the ENHANCED amount of money you have. The US economy will either have gone back up by then or went in the toilet completely. I (myself) would like to have an "$1800 crutch" if the economy turns sour again. And hey! if it doesn't then you've got about $1800 to spend on camera equipment that is still the same quality that it was 3 years ago. A Leica M7 is still a Leica M7. A 'Blad is still a 'Blad. An EOS 1v or a Nikon F100 is still the same camera it was three years ago.
-What if some new technology comes out that completely and utterly revolutionizes the photography world? Something that completely outs the Bayer/Foevon sensor(s)? Something to bring film back into the light completely and tells digital to gtfo? Something completely and utterly unexpected. Wouldn't you like ~$1800 to get it?
-Tastes change and so do markets. The short story is that things are always changing and the long run is better than the short run. \
And that just covers photography! What if something happens to your house, your car, your family, you, or anything else? Wouldn't you want ~$1800 to cover that event rather than just take pictures of it?
In short: don't spend the money and think of it as an investment in future gear instead.
Questions?