I have been putting this chore off too, mainly because I can't decide what I really want. Right now I have my fabrics stacked by color. Then I have a whole separate are for prints. I have started marking my pieces that are at least a yd. that way when I am looking for fabric where I need a yd or move I don't have to go through the whole pile. After that I am not sure what more I want to do.
I have book marked the thread w/ the lady sharing her fabric board organization.....would love that.