4th playthrough, and still enjoying it.
I have acquired the grade of Master in The Last of Us story/character/game knowledge as I have played it through 9 times.
... I have no life.
I don't think I can play the entire game from beggining to end any more than twice. I've beat it once on hard.
My strategy for ng+ hard is to scavange and save ammo as much as possible then do manual saves at the best action parts of the game so I can go back and just replay those parts without having to worry too much about stealth or conserving ammo.
For the most part, this game is an interactive movie.... and there are very few movies I feel the need to watch multiple times.