Keep three and only three lists: a Todo List, a Watch List, and a Later List.
Nice tip. I keep 5 lists - the 3 above, one Projects list (from the GTD book) and one Errands list.
The projects list is a list of projects that I have on my list (anything with more than 1 TODO against it is a project). The only reason for this list is to drive the Todo list (there can be one-off items in the Todo list that do not belong to any project). Once I am satisfied that all the necessary Todos for any project are done, I strike off the project off the list.
There are times when the Todo item of a certain project lingers way too long on the Todo list. This is usually indicative of
a) The project needs to move to the later list
b) Take the project off the list altogether. If it's that important it will come up soon
The Errands list is not that different from the ToDo list, but it's essentially stuff I have to do as I am out and about. Shopping/Going to the Bank/Public Library all go in that list. This way, once I am in "errands" mode, I just make sure to knock out as much as I can off that list. Usually a few hours, and I am good to go till the next week.