My mom saved photos, one outfit, and one piece of artwork that won an award in 1st grade. I myself saved a few pieces of artwork from middle school and some photography from high school, along with programs from concerts etc. She still has the award-winning artwork, as well as the pieces that were designated as gifts to her for Christmas/Mother's Day. She has the original photos, but I've scanned them so everyone has a digital copy. And I now have the outfit, and have pictures of each of my girls wearing it.
I'm happy with what was saved. I only wish there were more photographs. . . but back then, Polaroid photography was expensive, and when the camera broke it didn't get replaced for several years until I was old enough for my own camera. Today, with digital photography, I already have more pictures of my 2.5 year old (and maybe as many of my 7 month old) than exist of my whole life. I might have taken as many pictures on Christmas day 2010 as exist of me and my siblings during my whole childhood.
So my advice based on my experience would be to take pictures of them with their artwork, or pictures of them making their artwork, and then don't worry about it. Save it if it makes you happy, but don't expect they will want it, unless it's a really special piece.
And keep a copy of your photos somewhere other than your house. . . could be online, could be with family; I choose all of the above. Because then if there is ever a "we lost everything" situation, we wouldn't lose the photos.
Jo
DD#1 "JellyBean" 6/08
DD#2 "Ha" 6/10
"Theory is great, but as I'm in the trenches of diapers and dishes and ear infections, I try to relax and focus on what's most important: love."--mjs64