I have fabric that has been in totes for years. Recently we moved and I unpacked it all, refolded and sorted it into 4 floor to ceiling wall cabinets with doors- no more totes for me. None if the older fabric had any fading. I don't plan to refold any time soon. As DebraK said, some of it gets refolded at audition time anyway. I think if the fabric is protected from dust and light, it should be fine for the long term.

I do cover my fabrics to protect from fading. The thought of refolding my stash would be enough to put me off quilting.
I refold my quilts every six months.. when we change the clocks is when I refold quilts that have not been in use.

I only re-press and re-fold new fat quarters from a quilt shop so they are consistent with all my fat quarters.

I typically don't have the inclination to refold anything, but I have stopped folding anything less than one yard more than once; that is to say, fat quarters and partial yard cuts get stored loosely folded, once.

For yardage, I collect empty bolts from the quilt shops (most will get thrown away anyway) and wrap fabric around them just like you see in the store. Works great!

To avoid fading and light damage, all my fabric is kept in tightly closed drawers or closets--we have serious fading issues here in Colorado.

I refold in a different way when I put fabric back into my stash after using some or just auditioning. I think it is important to put the folds in different places, especially that fold that is in it when it is on the bolt. I think it gives the fabric a chance to relax at the folds so it isn't quite so hard to get that fold line out later.
Soooo, I have a whole stack of fat quarters that have not been refolded. Not the end of the world!

I feel if a fabric is old enough to need refolding, its time to donate it to some one or group that will use it.

Mine gets refolded after I cut what I need. I try to fold it squared and some get rolled. Rolled tells me it's less than a yard but I still pin a note to let me know how much is in the roll or fold.

I have lots of old fabric. I just recently moved into a new house and all of my fabric will be in closed cabinets built down one entire length of wall.. I don't ever expect to refold it again in what's left of my life!! Some of this fabric belonged to my mil, other pieces to my mom, some really old yardage came from my grandma.. I think the newer fabric is more apt to show fade lines than the older pieces.. But I love it all and will just deal with a problem when I find one. No refolding for me. Protecting it from light is the best thing you can do for it.

When I take out fabric to audition it for the next project, I re-fold it as I go.