I do not like things too organized and neat. Kills the creativity for me. I am a visual and messy person. Mine is folded to sort of fit in the cabinet, two stacks wide and some squished in the middle. I sort by color but have some specialty stacks by type (Halloween, big prints, large backing pieces, etc).
My scrappy bits (too small to fold and too easy to get lost) I keep in two bins (one for darks and one for lights). When the bins get full it's time to do a scrappy.
Tiny pieces (> 1 1/2") I keep by color in plastic bags. Those get used for appliques and for crumb blocks.
My UFO tops are hanging over the banister and I pull them off as I get to them. It is not a good idea to keep UFOs on the working table since they tend to distract you AND remind you of yet another thing that is not done. Do yourself a favor and pile them somewhere else. Maybe put each project in a bin. That way you only have to focus on the one on the table.