I have a book for each subject that I take notes in and do excersises in. I also have a plastic pocket booklet (not sure what they're meant to be called) that I keep all my loose notes in and I chuck the excersise book in the last pocket of that. That way I have to only reach for one plastic pocket book (a different colour for each subject) and I get all of my crap.
I usualy wait till the end of term (or end of semester for subjects with not so many loose notes) to take all the notes from the plastic pocket foder and move them into an archive of notes that I keep in two accordian folders under the desk next to my bed (for easy access at the end of the year).
My method works well for the first term or so of shcool but then I end up just leaving loose notes in my folders and never moving them to the accordion folders, which in turn means my subject folders become very very messy and I can't access loose leaf notes. This means I end up just using my subject excersise books and textbooks for all my revision (which works just fine for me).

Next year, the only exception to my plan will be for further, where I will have to keep my loose leaf notes in order cos they will be used to form a large part of my bound refference.