In reply to Andy Hudson:
As can be seen from the results... Different people have different ways.
As LR is keyword/tag based system... A single folder containing everything would work... But in reality, it's not smart.
How ever, you define the folder when you import them. I use move (or copy as DNG, after which I delete the original RAWs).
My import hierarchy is location based, so I follow the logic below:
<year>/<location>
Instead of location, I might use a trip (eg. SummerNorway, and then use keywords within LR to separate them by location etc.). For file naming, I use <full date stamp, inc. year>-<shoot/location/trip name>-<Sequence>.
Works for me, but other might disagree...
Try to think what you want to get from folders... and why.
For me, the folders helps to set locations as I end up shooting pics from the same locales numerous times a year (mainly climbing crags... but still). Pro's or semipros would be adviced to use <shoot/client name>-<time> for folders (and naturally segregate by year). And as I manage all the pics inside LR, the folders serve no other function... As if I wish to publish something, I will do so from LR. If you are using sidecar XMLs and other applications for them photos, a more descriptive folder hierarchy might be in order.