I think the world is divided into two types of moms: the ones who are wizards at scrap booking, and the ones who simply collect the scraps. I for instance have a large gift bag filled with all of Olivia's memorabilia to date - her first balloon, postcards from Nana, growth charts from doctor's visits, first birthday cards...
But you can bet your bippy I won't be buying miniature stethoscopes or "You go girl" stickers to decorate an album filled with all of these objects. First of all, how would I fit all of the large, various items into a book? Second of all, I'd rather spend my time playing with Olivia in real time than memento-ing her life away at a craft table. That said, I won't rule out that I may set all of these objects out on the dining room table and weep while she is at her first day of kindergarten. Perhaps in due time she will get a phone book sized tribute to her youth.
For now, I am keenly interested in online scrapbooking. I write about it here because it saves the planet from all the paper and plastic knick knacks and tchotchkes (can anyone else believe that word is spelled with a "t?") and giant albums that go toward creating a physical scrapbook.
Check out Scrapblog. This is my kind of site. Since I am digital photography and computer savvy, I can marry the two to create a virtual scrapbook... and then share it with everyone. You can upload photos from various sources and then frame and decorate and quote away! You've got to go see for yourself. People have put some pretty amazing masterpieces together.
And if you happen to be a scrap booking genius in the tangible sense, I mean no offense to you. Truly, I'm just jealous. :)