Having a long list of migration files is normal. It's one of the best features of rails. Think of them as layers(like an onion) that you stack on top of each other.
If you add a new column or table and then you decide that you don't want it anymore you can rollback(peel away) the latest changes. As long as you have the migration files you can move back and forth easily(don't recommend moving much but you get the point). REMEMBER DO NOT DELETE migration files once they are raked unless you do a rollback.
When you rollback and delete a migration file make absolutely SURE you are at the right layer(rollback point).
One more point to be noted, from rails docs.
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