Guess I'll throw my two cents in for what it's worth.
I think it's like Jen says, more a regional or perhaps certain careers, society levels, etc. don't accept it or at the very least, prefer you keep it to your off time.
I have no piercings, not even earrings, which some find odd. Part of the earring mystery is as simple as no one ever bought me any and they really weren't something I felt I needed to buy. Oddly, I always thought I'd get a tattoo, that was before everyone and their grandmother (my aunt counts as one of them) got one or more. Friend of mine has an incredible multiple dragon scene on her back, cliffs, waterfalls and everything. It really is art. As for me, who knows? I do worry a bit that I'll end up with a bad one, but still have considered getting one or so, but haven't decided on one that I would want on my body for the rest of my life. Not to mention what it would look like as I age.
I don't wear jewelry on a regular basis, but do on occasion. Some almost, OK not really almost, superstitiously for certain occasions.
Not sure about the piercing everything and anything else thing. Certainly not for me, but I've met some very nice, sweet people (not that's the image they are going for, but people can't help but be what they are) that have them and fits their lifestyle. Met some confused people that have them out of desperation of trying to fit in somewhere.
Heck, when I was a teenager, that's when people started multiple piercings, the eighties weren't nearly as boring as some of you think, though perhaps some of us were. The most obvious were their ears but others found other places, or so I've heard. Noses not so much until the mid/late 90's? as they are harder to hide. One of my high school friends went to Great America (amusement park) back then and had an experience. She met a woman in line with a big safety pin through the upper part of her boob. My friend commented to her, 'that must have hurt.' the woman said, 'That's why I did it.' Well, alrighty then. Let's face it, it's been around since the 80's in the USA, perhaps even sooner, definitely sooner for certain cultures, but I believe we are talking general mainstream western culture here. Just not so open about it as the present. In that, I think we've gotten more accepting in the USA overall, even if some of us wonder why?

After all fashion is fashion, even if you think you are rebelling against fashion. Something tells me the rest of Europe is not too different as the states.
My job doesn't allow the guys to do some/most of this stuff, or women either though earrings are allowed. There are a few that do push the limits to the dress code. As for one of the guys, not piercings so much, aside from earrings and jewelry. Think Mr. T starter kit as I have teased him. I think management is afraid him anyway, but he does have Baddest N****r tattooed on his chest. :-] The funny thing, he's really a sweetheart. He had been in a gang in his youth, spent one night in jail and decided that was one place he never wanted to go back to. I've joked with him that I'm taking him to my next High School reunion as my date. :-] Otherwise their are a couple of other guys that push the big lobe ones as far as they, but perhaps not as far as they want. Can only imagine other piercings they may have. :-]
All in all, for me, I find some of the stranger body piercings more of a turn off then most tattoos, much as they do it trying for an image of toughness/individuality. I can't help but find a certain amount of insecurity and wanting to conform somewhere in it all as well. Others may feel differently, and may be correct, so all is good in the world I'm sure. Me, I'm mostly boring, maybe just cheap when it comes to these things, so likely wrong in it all anyway.
Wow, this ended up longer then I intended and normally I'd delete it right now, but what the heck. :-]