About two years ago I decided to sort out my bricks by color, and let me say, yes, it was worth it. Even though sorting by color isn't the absolute best way to sort, it does make building a lot easier with all the parts organized in some way. The only real problem with sorting by color is just that some colors will have to take up quite a few containers, while others may only take one.
When I sorted, I used about 8 of these three-shelf containers I found at Target for 10 bucks (You can see a few of them in this picture
), and then a few more of a smaller type, which cost 5 dollars, for minifig parts. Now, I've bought a few more to house more greys and blacks, and I'm considering buying some more of the 5 dollar containers and further sorting the bricks by parts.