Hi chichinwellies
I personally go for two pegs on my kitchen wall and taping school certificates & other special things to the cupboard doors for my DDs. display pegs via amazon here: www.amazon.co.uk/This-Weeks-Masterpiece-Childs-Artwork/dp/B002KGNVJO/ref=sr_1_1?ie=UTF8&qid=1347427705&sr=8-1
My DH displays quite a bit in his office at work as well (but it's the kind of workplace where that happens a lot).
Two fo my friends (different towns) have given up the wall by the kitchen table to current artwork. It's constantly rotated and can include more formal school work/ good test results (especially as they get older - one DC is in senior school). But it means that their good work has a fuss made over it.
We all have a clear out each half-term/ end of vacation - we keep a few precious ones (and all certificates) & send the rest to family & friends for their fridges and/or work.
A very together friend - scans in her favourite artworks and then uses the images for things on those photo sites (t-shirts/ mugs/ mouse mats etc... and gives them as presents). She made a t-shirt out of her youngest's stick figure drawings and had the caption 'Picasso had to start somewhere' put on for both grandmas one Christmas. It was a real hit.
HTH