Have an out-of-sight place (closet or high shelves) to store most toys and only leave a few at a time out for children to use.

Cycle out current toys before adding something new.  This will make pick-up easier, and children won't become distracted by too many choices.

Keep toys with a lot of pieces contained together in a seperate box or bin, perferably with a lid.  Large Ziploc bags are also great for organization.

Regulary "clean house" and give toyss away to charity or swap with a friend.

If you have a second baby, it's time to put toys with small pieces away.  Put them in a container on a high shelf and let the older child play with them while the baby is napping.