I love having my fabric on comic boards, easy to see, they are in cupboards. I organized anything over a yard on comic boards, some by theme, some by color family, some by season. Anything over 4 yards are on bolts. I think whatever makes sense to the individual is the perfect system.
I personally can attest that scraps multiply when the lights are off and we are asleep :0)
I keep one of those inexpensive folding mesh baskets under my cutting table pieces less than 1/2 yard are tossed in there and when it is full I give it away. Pieces less than two or three inches go into the trash basket.
There have been some quilters who have shared that they are going through tough times or newbies here that I've offered my overflow to.
I don't do well with clutter and would hate spending time organizing scraps by color or size. I admire those of you that can use Bonnie Hunters or similar organizational skills, I'm just not that person, plus I rarely make patterns with tiny pieces. Probably has something to do with these old eyes of mine. I rarely keep anything smaller than 1/2 yard. I keep one drawer with 1/2 yard or so cuts and when there is no more room I go through that quickly to make room and toss the excess into the mesh basket for someone else who can use them.
I do participate in the monthly Birthday swap of 2.5" candies however when I have the smallish clear view bin filled I will probably stop and if I haven't been inspired to using them within a year or so, again I will find another home for them too.