I have my fabrics on Coroplast boards, sorted by type (batiks, Kona, prints) and then by color within those groups. I also have some fabrics that I keep together because they are coordinates in a particular fabric line.
I have my fat quarters in Jinny Beyer's fat quarter bags; I don't buy many singles, just groups, so her bags allow me to keep them together with their buddies in the same bunch. I store the bags on two shelves of a wire rack. The rest of the rack is for batting and backings.
I keep my other pre-cuts in drawers - 10" squares, charms and jelly rolls - and I don't have too many of those. My biggest issue right now is scraps. I don't keep anything less than 1 1/2" square and I'm looking for a really pretty way of storing them. I have a large jar (really large!) and I think I'm going to start throwing them in there.
I've been organizing this weekend and one thing that I discovered is that if organizing means putting things far away from where I use them then things won't stay organized. So I've been busy finding smart ways to store things near my machine that should be there and near my cutting area that belong there, etc. I've still got a ways to go, but I can see an end point now, whereas before I couldn't.
Getting back to it right now...