Loved the Bonnie Hunter link. I sort my scraps into very small 2" or less by color in labeled shoeboxes, strips of all colors and widths and lengths in a larger clear box; 2" to fat quarter size by color, folded to see edges in larger "under the bed" sized clear boxes; pre-pieced leftovers in their own box. I don't have a lot compared to many of you, but this works for me.
I also leave all of them uncut- that way I can do what I want to do when I decide to use them.