I'm still working on organizing my scraps. Trying to use Bonnie's method somewhat. I take the scrap of material and cut the biggest block out of it I can starting with 7 inches, then 6 1/2, 6, 5 1/2, 5, 4 1/2, 4, 3 1/2, 3, 2 1/2, 2, 1 1/2. I have found a use for most all of the sizes somewhere along the way, but I don't go any lower than 1 1/2 as I figure when finished that will be a 1 inch square. Some day I hope to do a postage stamp quilt, but that is going to a ways down the road at this point.
As for strips, most of my strips are short, from cut bigger strips that were used. I have lots of ideas, but getting them into practice is another thing. I don't keep anything less than a fat quarter, the rest go into my scrap box to be cut into squares etc.
As for organization, they are all in boxes by sizes and when I need them I look for the colors I want. I keep telling myself when I get a sewing or quilting room of my own, I will be better organized all the way around, but that is someway down the road at this point.
Do what works for you, I have taken ideas from the board, modified some to better suit me, and used some as listed. One thing for sure this board is great for ideas on most anything.