I'm still trying to figure that out =)
I have packets in photo boxes, divided into veggies, annuals, and perennials, arranged by family. I have bulk seeds in jars of all sizes! (I've got a gallon jar FULL of trumpet vine seeds, anyone need some??)
as for records, well... I do have most of my '04 seeds listed in a note book, needs to be updated. I also have most of my fresh seeds cataloged, but its all just chicken scratchings at the moment =) My traded-for seeds are in a manilla envelope marked "seeds to be filed." Its positively bulging!
I really need to find a system and stick to it!

Don't know if this would work for others, but....I have begun to organize mine by germination requirements (length of time mostly).
Or if they can be direct sown in the Spring...I have a bag with those. Then there are the "to be Winter Sown"...have a bag of those, too.
This way I don't have to go hunting down all the seeds I want to sow at the same times...they are all in the same bags. I usually include a list of what is in each bag so I can check it off as I sow it.
I also have a seed list spread sheet that lists all of them with their individual requirements.