Sam, last year when I did a large purge, I was amazed at the stuff I bought early on - some of it was definitely yuck! However, it all found a new home where it resides happily. I too, have changed how I scrap and it is hard to let go of stuff I have paid for. However, that money is loooonnnnngggg gone and now I'm wasting prime space in my craft room out of a misguided sense of frugality.
It actually feels great to get rid of stuff - the trick is not to run out and spend more to fill the space back up!!!!
Karenliz - I use albums to store my stencils too. I found some dollar priced 6x6 albums that are great for the crafter's workshop stencils. I don't have any 12x12, but I do store my HOTP templates in that sized album and you are right, finding space for everything is a challenge.