Yearly photos w/ interests noted. Make up a few pages in photoshop or an editing program of choice, and create a printed 8x10 book. Give to your children when they graduate as a gift...I would use a few head shots and definitely lifestyle candid shots to get the real feel of what they were like at each age.
A great new photo checklist. Its 50 photos to take with your kids! Great ideas for everyday DIY family photography. It would be neat to make a goal and check off a few or more each week. Then when your child's birthday comes around you can create a photobook with all these special photos. Perfect for 365 project or 52 week photography projects. :)