I've tried it. My friend was tied up into the whole Creative Memories empire. She wanted me to buy all of the stuff and sticky things and binders and pages. I tried it. I was bored out of my gourd.
K's preschool made "scrapbooks" for the kids. She has two binders with plastic insert pages and a bunch of different things, photos and whatnot. I kept up with that. Every year, at the end of the school year, I combine all of the things that I've stacked and saved throughout the year (you'd think I would do it as I go) and pile it all into a binder. There are reports, notes, thank you's, awards, homework examples, classroom notes and things from outside of school. I put soccer pictures, church programs from when she has done acolyting and swimming report cards.
Each binder has the grade marked on the spine. They live on our book case in the bedroom. It may not be as pretty and as involved as the scrapbook binders, but at least I'm saving things that we can look back at. Just tonight, we found her photo from when she started soccer in the fall of 1st grade. :)
Do you do memory albums/binders or scrapbooks? Some folks keep memory boxes. Do you keep things? Do tell!