I had a photography teacher tell me once, "never delete anything, you never know whan you might need it"...and so, I don't. I have about 80GB of pics...but I have to say I am very organized and I have no trouble finding past pictures. I keep them all backed up on an external drive and extra computer, and just keep them in a file that I will remember what is in that folder.
I have to say, I have gone back many of times and needed a picture from a long time ago...so I was happy I didn't delete it..
There's my 2 cents!