This takes some technique and time to achieve the amazing results seen here but it can be done. The link/source has the instructions. Win.
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.