I don't pace myself, but I wait until I'm absolutely SURE I really want a big project like a sweater before starting it. I do need to have several types of WIPs at all times, that allows me to always have something with me, depending on what I'm doing while knitting.
For example DH's aran cabled sweater I can mostly do without looking at the stitch pattern, so I can even do that while watching TV but now it's gotten too large to carry so it's no longer portable.
I ALWAYS have a simple garter stitch or stockinette project going so I can do it in the dark in bed watching TV or in the car. Something I don't EVER have to look down at. Right now I'm finishing up a simple garter shawl from Lion Brand in Homespun, so even if I make a mistake you won't see it because of the yarn.
I pretty much always
have a sock or 2 going, it's small and portable and I love the weird looks I get from people when they see me knitting socks. You'd think I had 3 heads or something.
I don't blame them, I would have thought the same thing a couple of years ago before I started knitting.
I'm also working on a mitered square afghan. I only have to look down at the pattern for the increase, otherwise, it's straight stockinette and very portable.
I guess that's it for now but I'll get a hankering to make a dog sweater, or a scarf (just finishing up Branching Out for my cousin (from Knitty)), or I'll feel the need to cast on for a hat for instant gratification knitting.