I started doing the paper scrapbooking when my daughter was born. It was fun for me and gave me a creative outlet. I didn't mind spending the money because I enjoyed it and I felt like I was making my daughter a priceless keepsake.
Then my son was born 3 years later and, of course, I wanted to do the same for him. Doing duplicate books started becoming a chore and it got VERY expensive and extremely time consuming. I started to feel obligated and stopped enjoying it.
I recall trips to the scrapbook store spending $80+ to do Thanksgiving and Christmas pages for both kids. It stopped feeling creative, it just felt like I needed to get the pictures in the book and be done with it. It was SO time consuming scrapbooking with paper.
That's when I decided to stop. It was no longer fun, way too expensive and I dreaded the chore of it. I decided to do on-line photo books and it worked perfectly for me. I really like Shutterfly. They have tons of ways to make the pages your way with lots (almost too many) background and "stickers" to choose from. I could include more pictures on a page and more journaling too.
I do my books from birthday to birthday and they are birthday presents my kids very much look forward to getting. I have a scanner so most of the paper keepsakes can be scanned in and put in the book that way. If there are things that can't be scanned in, I bought large adhesive pockets for the back of the book to store those things in.
Also, what I really like, is that I work on my daughters book all year - just keep it saved and add to it as things happen and are fresh in my mind. At the end of the year, I make a copy of her book and "tweak" it for my son. Most of their pages are the same, since they live parallel lives, but it's so easy to change the things that are different for them.
When I'm done, I let them sit in my Shutterfly account until they have a 50% off and free shippping discount and buy them at that time.
Clearly that's what I recommend since it's worked so well for me.