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.
I need to do this. I'm always finding things I need to return to people, donate and so on. It would be great to always have a place to put it until I have a chance to get rid of it....the dining room table just isn't cutting it anymore