Scott,
One thing to be aware of is that the Collections organization won't affect your folder management. So, let's say you import all of your photos simply into the My Pictures folder without specifying subfolders, you can organize them into collections, but if you look at your pictures in a normal browser they will all be in a "bunch" in My Pictures.
So, organizing things is something you want to give thought to right at the beginning. Each of us does it our own way, but in a way that makes some sense. For me, when I import a shoot, I do it into a current master folder on an internal hard drive, into its own folder, then at some point after my initial work I move it onto an external drive into a year-specific master folder, and I also do a back-up onto another external drive.
I use collections as kind of a redundant organization, so that wherever files might be on my system I have more than one way of finding and working with them. Keywords is another very handy way for quick finding.