From my experience, I find that the people who sleep aroundor 'mess' around a lot have issues that are present that lead to the messing around. I'm not sure that messing around causes the issues, although it will have effects on the person. However, it is different for everyone because people define life, love, and happiness differently. I can offer a story with examples, but it's only one person and what I observed.
My cousin is one of those people that sleep around. So much in fact that she couldn't remember all her sexual partners at the age of 16. She is a very bitter, unhappy person. She is now trapped in a marriage with 4 kids, but still having affairs I'm sure. I know that she cheated a few times on her first husband and cheated a couple times on her second husband. She looks for sex to fill a void in her life, but it only leads to more hollowness.
That paints the picture that sleeping around is bad. I don't think it is...I think that it's what the person makes of it. Eh, there's no answer to this...it's a moral decision. To each his own, choose you choice, and play safe.