Anything in odd shapes or smaller than a fat quarter gets cut into 2" strips. If it's too small for that, it gets cut into 1 1/2" strips.
I... uh... have two 18 gallon Rubbermaid totes full of 2" strips and one full of 1 1/2" strips. :oops: BUT... I use them. I have made at least 40 tablerunners and other small projects from those totes and even a few bed quilts. As others have mentioned, they multiply. Last year I made 7 tablerunners and two baby quilts from my 1 1/2" strip tote, and it didn't even make a noticeable dent in my stash.
Even just this week, I have made some potholders and coasters for myself, as well as two pieced pillows for my daughter-in-law (double-sided) AND my niece pulled out enough strips to make a log cabin quilt for her bed.
I will post pictures of the pillows in the Photo forum - they turned out just right for my DIL's very modern family room.