My mother didn't save things; I did.
I still have my childhood baby doll (which DD has fallen in love with,) my Steiff teddy bear, my Digger the Dog stuffed dog (that I used to tie shoelaces to & drag around the house,) and my AG dolls & books, but I only ever had the historical dolls because mine are pre-Mattel-sale Kirsten and Molly dolls.
I also saved my My Little Pony toys, including one first-generation Pony!, and DD loves to play with these today.
Honestly, I saved more of my childhood favorite picture books than my toys, as I didn't have all that many.
Of DD's things, I think we'll save the things she plays with most often ... and the things I am sentimental about, like the Waldorf doll I liked but DD doesn't really seem to care about, or the wooden toys that will last long enough to be handed down to grandbabies.
Everything else can probably go - garage sale, Craigslist or hand down to the younger babies wherever there's room.
==========================================
Liz
DD (3/2010)
"Make mistakes! Get messy!" - Miss Frizzle