I found that many people have been hoping for this feature but none has been done to improve it.
Hopefully we can see any improvement in near future.
I hope that we can customize the folder everytime we upload the photos.
By default it is wp-contents/upload/
And maybe we can create/delete a new directory to it.
Let's say when i upload, i can choose to add a new directory "holidays2009", and my photos will be uploaded to wp-conents/upload/holidays2009
This enable us to manage our upload files easier and especially when you have a lot of photos, it's time consuming to browse through all pages to search for the right one for your to post it.
It's just not realistic.
WordPress has been very good so far, but the upload managing system has been giving me a real headache.