I started using allrecipes.com about a year ago to keep track of my recipes, and I love it!
I used to use a free basic recipe program, but then my hard drive went south and I had to replace it. I re-installed the program from the web site and discovered that it had been "updated" and no longer used the same file format as my backed-up recipe files, so I lost all of my saved recipes! :-(
I've also used a couple of programs like MasterCook, and didn't like them at all - too complicated.
I registered for free on allrecipes, and it's great. VERY user-friendly! You can not only save recipes from their site, but it's very easy to enter your personal recipes too. You can then print them out, and even email them to friends and family. You can also save references, like the recipe name, page number, and magazine it's in.
You can save weblinks too, and it's very easy to copy and paste recipes from other sites. They also make it very easy to sort your saved recipes into categorized folders. I don't worry any more about my computer crashing and losing all my favorite recipes. (Unless allrecipes goes under, God forbid... :P)
For recipes that I want to save on my computer, instead of bookmarking, I use cutePDF (a free pdf printer), and save them as a pdf in a "Recipes" folder on my desktop. When I have the time, I go through and copy and paste the ones that we've tried and liked to allrecipes.
I also have a big binder in the kitchen, and when I print out and try a recipe, it gets slipped into a plastic page protector in the appropriate section of the binder, so I also have a hard copy of the recipes that I use the most.