Do you mean like those big binders with pages of plastic sleeves specifically for CDs and DVDs? I have one and I store my retail DVDs in them. I also keep another one for data DVDs and CDs. The only things I make sure of when storing them is that the CDs and DVDs are secure in their pockets (obviously), that the room temperature where they're stored never gets above 80, and that I store the binders themselves vertically, like a book on a shelf (I'm afraid that storing them horizontally, like a coffee table book, will, over time, warp the bottom-most CDs/DVDs because of the weight of all the others on top is uneven due to the floppy pages).
I would always recommend picking a cool, dark place to store CDs and DVDs. Since light is the thing that put the data on the media, direct sunlight or ambient room light over time may potentially deteriorate the quality of the data on the disk. I noticed that most computer stores mainly sell the thin, transparent CD/DVD cases, but I like a good, black-backed case instead. Keeps that much more light out.
Also, you may or may not have noticed that when CDs and DVDs are shipped in those paper sleeves (like iLife '04's CD and DVD), the DVD sleeve is a different material than the CD sleeve. The CD sleeve is paper, while the DVD sleeve is a wax-coated paper mix, which is a lot smoother and less abrasive than plain, uncoated paper. While a CD may be able to sustain a good scratch and still function perfectly, DVDs are less resilient because of the data density... so a scratch that doesn't affect a CD may render a DVD useless. For that reason, I don't use paper sleeves for DVDs.