I just finished reorganizing my stash and quilting room after I had to completely empty the room to replace the carpet. What a mess but I now have a really really organized room. I have a smallish dresser that I use as a cutting table and for storage. I also use yaffa blocks and the wire snap together blocks leftover from my college days they are great. I also use lots of plastic bins and try to keep everything labeled. I have seasonal fabric and Christmas/Winter fabric in plastic boxes. I also keep my fats in the smaller plastic shoe boxes by color.
I have a set of wooden shelves that hold plastic containers and my books/magazines. Optimize your vertical space think fabric from floor to ceiling :) A shelf above your sewing table made with L brackets and a piece of wood will hold a lot.