I'm in the process of organizing my fabrics as well. I found this tutorial about folding and storing fabric. The blogger uses comic book backing boards. Here is the link:
http://cuttopieces.blogspot.com/2011...-tutorial.html
I tried this and it works really well. The backing board is archival safe so it won't damage your fabric. I tend to sort all my fabrics by color unless it is themed like X-Mas or Halloween fabrics.