DH is a semi-pro photographer, I just take occasional snapshots. So my needs are very different from his, but I've been able to learn a few things:

(1) Backup, backup, backup. Just like your other important digital records, make more than one copy, make at least one of them an optical copy (DVD), and store them in different places. It's not a bad idea to use a bank safe deposit box - they're climate controlled, fireproof and pretty inexpensive. Check your archives periodically to ensure their integrity, and if one becomes damaged or corrupted, make a new one from your magnetic storage. Remember that film prints and negatives don't last all that long, either, when they're just left in their envelopes in a box in a closet.

(2) Sorting through hundreds of envelopes of thousands of prints isn't quick, either. A basic indexing application like iPhoto is a huge help, but the easiest thing to do for snapshots is to tag your favorite pictures the first time you look at them. Then it hardly takes any extra time at all. Make separate folders (pets, family, 2008 vacation, whatever) and either use an indexing program or make actual copies of your favorite images. You can re-name each image with more specifics.

(3) Make sure you keep an unedited copy of your images. Each time you crop, re-size or otherwise edit, the software will run a compression algorithm and slightly degrade the quality of your image.