A few things that I use:
1. for yarn I use one of those over the door shoe organizers. You can see the yarn through the clear pockets and you can hang it on a wall, over the door, or from a closet rod.
2. if you have the wall space, a pegboard for scissors, pliers (if you use them in beading) and other tools.
3. clear plastic stackable boxes and a label maker will be your best friend. You can put all your bath stuff together in one, embroidery stuff in another etc. and then just pull out whichever box has the craft you want to work on. and throw everything back in the box when you're done.
4. I don't know how "organized and efficient" this is, but I have several totebags I use for WIPs. Especially crochet or embroidery because I can keep all the yarn, hooks, and pattern in the bag together (and thus keep it away from the kitties) and I just hang the bag from one of several hooks on the wall.
5. I was given some hardware organizers by my Grandpa that I cleaned up and use for bead storage. They are basically boxes with little clear drawers across the front (about 5 drawers across, 4 rows of drawers) I can see the beads through the fronts and can seperate them by color, size, etc. and another clear stackable box for the wire, elastic, etc.
I only have an armoir in my bedroom and some space in my huge walk in for craft storage and use the living room to actually craft, so even though I try to stay organized, the crafty stuff still ends up taking over the house. Hope my tips helped and I'll try to find some pics to help you see what I'm talking about.
Plastic stackable boxes:http://www.containerstore.com/browse/Product.jhtml?CATID=71227&PRODID=61479
Good luck! I'm sure others will have better suggestions...