I recently purchased quite a few pieces for my army. Up until this weekend I had them all sitting around on the sprue in the box. This was taking up quite a bit of space so I decided to cut all of the pieces off of the sprue. I used my new sprue cutters and it didn't take any time at all. For storage I put all of the pieces in ziplocs and then put them in a plastic shoe box I bought at Wal-Mart.
Now everything is nice and neat and in its proper place.