That is what I do as well--I bag them and when I want to do something (like the 10-minute blocks) I don't have to do anything but grab a bag and start sewing.

I have never bought charm packs, jelly rolls, etc.
Personally I would rather buy yardage. I believe the precut fabrics are more expensive. Buying yardage allows me to add to my stash.

I buy charm packs because they are good fillers when you just need a small piece (less than 5"), the jelly rolls are also great when making quilts that are meant to be (ab)used, such as a baby quilt. I used to buy fabrics by the yard, then realized that when I want to make another project none of the leftovers are the right colors that I need, so now I just buy fat quarters or linear quarters. Besides when you buy the pre-cuts, the patterns and colorways are already coordinated so there's hardly any need to go through the fabric bolts trying to match colors.

I found a pattern called Shadow Square Quilt by Key West Sunshine Due Designs that uses charm packs. You sew a dark strip to one side and the bottom and it gives an illusion of a shadow. Makes a really cute quilt.

I have been a little leery of pre-cuts because I have read of some uneven cuts causing waste. Has anyone experienced this?

I often use charm packs. If I find them at a good price or a design that I like, they make great lap quilts and bay quilts that go together quickly. I also buy layer cakes sometimes and recut them. Out of one layer cake, I have made 2 large baby quilts and have enough for one more. Just need a baby girl to make one for.

That baby quilts, not bay quilts! Duh!

I use Charm Packs for a lot of things and fat quarters for matching fabric in a block. 2 fat quarters will usually make 3/4 blocks, depending on the pattern.

I like the drunkards path going in circles.

So far, the sweetest flannel quilt I have made was with a wonderful layer cake I found in Hattiesburg , MS. There is a darling LQS there. I live in Alabama and visit our son in LA. often. I try to "Trick" my DH by saying, Oh let's plan to eat lunch in Hattiesburg! Works every time. This layer cake was in "man's" cloth, and was for my SIL. Since then, I have been hooked on precuts. The best thing to do is to find a LQS that has great ideas on combinations.