I have myself, DH, DD, and DS; DS sleeps in our room, but his clothes are in "his" room, and DD's clothes are in her room. I have seven baskets -- one in mine and DH's bedroom, one in "DS's," and one in DD's, plus three in the laundry room, and one "floater" that generally waits in the laundry room but can be holding clothes to be folded or sitting next to the clothesline. The three in the laundry room are for regular wash stuff (jeans, DH's t-shirts, etc.), gentle wash stuff (mostly kids' stuff, my nice shirts, etc.), and anything with stains that needs extra attention. Oh, and my laundry room is close to my kitchen and a bathroom, so any towels/cloths that need to be washed get hung in the laundry room until they're dry, and then they get put into the regular wash basket (or sometimes they just get tossed right into the washing machine if I'll be doing wash soon.)
Twice a week, I bring down the basket from mine and DH's room and wash it and anything else in the regular wash basket. Twice a week (different day from mine and DH's laundry), the kids bring down their baskets, put their stuff into the gentle wash basket, and then take their baskets back to their rooms. One of those days, I do light colored gentle stuff, and the other I do dark colored gentle stuff. Stained stuff gets done as I have time in the evening, when there are a few items to wash, as I like to soak it overnight. I do one load most weekdays, plus often an extra one (towels, sheets, catch-up if stuff doesn't fit, etc.), but more than two a day is pretty rare. I will have a couple of loads of diapers, plus probably one more gentle wash load, per week come the fall when the baby arrives, but it still shouldn't be more than two a day most of the time.
Really, laundry is pretty easy to keep up with in my house. I try to fold it immediately when it's done (either in the dryer or on the line) -- if I don't have time right then to do it, I don't take it out/off. The kids sometimes help put away their own clothes but not always. It usually takes me just a few minutes to fold and put away the laundry once, sometimes twice, a day, so it's hardly noticeable. I've tried doing one big laundry day a week, but one, we always seem to need stuff later in the week anyway (only so many cloth diapers, DH has specific shirts he needs for work and only has a few, etc.), and that makes it pile up too much. Plus, I like using my clothesline as much as possible, and it only holds one, maybe two, loads at a time, so that really keeps it from piling up. I do notice when it takes me an hour or more to fold/put away all the clothes, but I really don't notice a few minutes here or there.
Mama to four: 10, 7, 3, and 1