This is how I store my cardstock and some of my patterned papers. It is directly behind my L-shaped tables. When I need paper, I just lean back and find what I need. Very convenient. I do have a large piece of fabric that I planned on using to make a cover for the entire thing, but I haven't gotten to it yet. Honestly, dust has not been that a problem.
I keep some more patterned paper in my closet in plastic drawers. These sheets are mostly the individual sheets I buy at M's, ACM or J's. I try to store them by category.