I would love to be organized and have all my scraps cut up according to size, but I have this fear that they will not be the correct size for the project I choose in the future, so I just collect mine in shoe boxes if they are 8 x 10 or smaller. If they are fat quarter size or slightly smaller, I fold them and stack them in baskets on end so I can see what I have.
The only scraps that I have that are cut to a specific size are the charms that I've been collecting for almost 2 years now through a blog swap. I have either 3400 or 3600 of 2" squares kept in a separate shoe box for a postage stamp quilt.