NZQuilter, most of my stash is FQ's to half yards. I cut my boards in half and wrap. Even if some of the FQ is gone, I can still wrap it around a half board. I like having everything standing on end where I can see it and it's easier to pull out. My really small scraps (5" or less), I do cut into squares and store by size, but I don't do much applique. I like the small, stacking drawers for scraps. Anything too small to wrap, but bigger than 6" gets saved in a small bin until I know what to do with it. I don't think I have near as much fabric as some others though...
Here are some pics...
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