Less clutter. Less busyness. Less junk. Less obligations. Less distractions... I could go on and on. But what the saying ultimately comes down to is the concept of quality vs. quantity. I think it generally takes experience, wisdom, or an overall (big picture) understanding of the situation/circumstance to really understand and appreciate the value of this saying.
What are your thoughts? Do you have think it's about quality vs. quantity? or something else? I'm sure there are several different interpretations.