Well, i have almost 500Gb of pictures stored this way ...
First, i process my pics on the PC. Once selected the keepers and discarded the bad ones, they are processed locally.
Then, i use a 1Tb NAS server for storage/archiving. The first level of directories is the current year. Then, for each "sessions", i have:
<date in japanese format> <subject> <lens id> <camera id>
which gives something like:
\\NAS device id\Pictures\2010\20100823 - Birthday SMC Takumar 50 1.4 5DII
For me it's enough (at least up to now) ... But i'm planning to buy a second disk for additional storage ...
Pentax K10D & Canon 5D Mk II & Meyer, Nikon, Schacht, Steinheil, Tamron, Zuiko lenses &:
Takumar:24/3.5, 28/3.5, 35/2, 35/3.5, 50/1.4, 55/1.8, 85/1.8, 105/2.8, 120/2.8, 135/3.5, 150/4, 200/4
Pentax:M28/2.8, K28/3.5, M50/1.4, A50/1.7, K85/1.8, K105/2.8, K135/2.5, M200/4
CZJ:Flektogon 20/2.8 & 20/4 & 35/2.4 & 35/2.8, Pancolar 50/1.8, Biotar 58/2, Sonnar 135/3.5 & 180/2.8