My friend did that, she took a picture of her children surrounded by their art when it got to a certain point.
I have a bin for each child in the basement. The ones that are sentimental go there.
I also have a portable plastic file for each child, filled with files that are marked by year. In that goes report cards, school pictures, smaller artwork or invitations to a big event they were invited to, etc.
I agree with the PP who said the process is more of what counts.