Real life story: The TL at my school is yet to do a full collection evaluation, even after being here 4 years.
He has done some selective collection analysis utilising Titlewave but as it is American, only about 45% of our collection comes up in their programme (as many of our resourced from Australia, UK and NZ, the ISBNs are different).
My TL focuses more on teacher and student feedback to evaluate the collection. When pressed, he said that as he had such a healthy budget and lots of great staff, he didn’t feel the need to conduct regular evaluations.
He did however, concede that evaluations are invaluable and completely necessary if you are having to fight for funds and/or building a new library (or rebuilding a badly managed library): proving that getting what you need based on the stats you gain from an evaluation is critical.