As a Hindu, fully aware there are two paths in life, the householder, and the renunciate (celibate) monk or nun, I do see potential problems with excessive masturbation. Since only one other Hindu on these forums spoke to it, I though I'd add two bits.
With other instinctive pleasures, there are dangers when done in excess. Obesity from food, poor eyes from too much TV, and other possible stuff when it relates to overindulgence becoming addiction.
There is also a difference between repression and suppression, at least from the Hindu POV. Repression is the idea of yelling, "Bad Bad Bad!" about something, and therefore that something is maintained by guilt or fear, neither of which is healthy at all, and generally the end results are distorted almost insane activities.
With suppression, it's more a conscious shifting of awareness, using self-control, but also maintaining that the activity is normal. So it would be like the 'no booze' at all stance versus drinking socially and responsibly.
Hindus would never view things in such black and white terms. However, at the age when a young man enters a monastery, or takes the vow of renunciation, masturbation would stop. The release of the energy would just happen naturally in wet dreams, which, according to Hindu psychology of mind, is where the soul mind naturally shifts mental activity. Then eventually, form years and years of extensive sadhana in the practice of raja yoga, that same energy would be transmuted into kundalini, the individual energy of yoga, in the spine.
Individuals vary. Sex drives vary. In Hinduism, it's all part of life, considered healthy, but also not the singular focus that we sometimes see in the west, where people spend far too much time fantasizing about it, and could be more productive in other areas of life, no different than people who readily admit to spending to much time on internet forums.
The very fact that we do have celibacy as a chosen route (although rare) demonstrates this balance.
