I think the best approach to organizing stash is to figure out how you work, then design the system to support your work style.
I've tried many systems of organizing and the one I have used for many years (about 12) is a cubicle storage system in a closet. I work predominantly by color, so I organize by color. My fabrics are sorted by one color per cube with the exception of a few specialty stacks on a shelf - ie. 30's, batiks, solids. All sizes of one color go into one cube - yardage on the bottom, smaller pieces in a basket on top. There are also a few cubes with UFO's and WIP's - in boxes and clearly labeled.
When I want to work with reds, I pull the whole red stack and basket out of the cube and set them on a table. If I want to include reds from the specialty stacks, they are easy to find.