Personally, I create situational channels. My Default channel is a mixed bag, do everything -- a clock, weather, news, facebook, twitter, chumbyland, woot.com. Aside from that general purpose channel, I tend to make my channels more tightly defined in terms of the categories of widgets included. I'll give some examples of the ones just off the top of my head...
My second most used channel is dedicated to Radio Paradise -- switch to this one when listening to that station in the ChumbyFree radio. That station is just radio paradise, chumbyland and the weather information.
I have one dedicated to socail media, one for video game news/rss feeds, a political channel, a world/national news channel; I have a 'relaxation' channel that is just a mix of the useless little visual widgets and a few clocks.
I have a camtastic channel, for various webcams, a channel dedicated to the chumby channels for latest releases and most popular widgets -- it's essentially a testbed for the new widgets arriving on the service.
Another channel boasts video television feeds, youtube, etc.
Finally, there's my chumbyland channel that just houses chumbyland and the chumbyland sights widgets for non-stop chumbyland action. If you don't already have it, get chumbyland!