Chop it like parsley, and store it frozen in small 'pancakes', from which pieces can then be broken off without resorting to hammer and chisel. Separate 'pancakes' with plastic wrap.

In my experience, coriander (I can't bring myself to call it cilantro!) loses flavour on drying, so I wouldn't bother.

Ditto what Daisy said. I have some in my freezer right now. It freezs very well.

Fresh cilantro will get yellow in frig. I will keep it in a gass of water on the kitchen counter and use it as live and fresh, within few days.

Just remember that it won't be suitable for garnishing, as it becomes limp on thawing.

Thank you for your great tips, everyone! I have a TON of cilantro growing right now. I didn't know it will turn yellow in the fridge or lose flavor when dried... I was thinking I could freeze it in ice cube trays, but the "pancake" concept sounds so much more useful.
Cheers!

I agree freezing is best, but you could also make herb vinegars or use it in soups, sauces etc and freeze or store these.

Here is a link that might be useful: freezing herbs

When I freeze it I put it in a plastic bag and roll it up like a cigar. Then when its frozen I pull it out and use a cheese grater to get process it.

Good Luck,
Little John