I recently decided to embark on a mitered log cabin trip. It requires 8 strips of 8"x 1 1/2" strips of as many fabrics you can gather in lights, mediums and darks. So that is my latest attempt at taming the stash - cut the strips.
Everything else is in two bins - one for darks, and one for lights. Those are smaller than F8s and off-cuts. Anything in the 1 1/2" -8" category goes into bags by color. Those are pieces I use for applique.
I also have a friend who does leaders and enders scrap quilts so I put a scrap piece (2" or so) in a bag to hand off to her. That little bit won't matter to me but it gives her great variety in her quilts.