It depends on the collectible. My higher end collectibles, big fig, WDCC, snowglobes, etc., I keep all the boxes for. The other toys I have I usually just toss the box. However, there are a few items that I keep the box for, some more limited or special toys, like the Jim Henson action figure, etc. Also, I have a few toys still in the package. The best example of in the package is the Muppet action figure that has my name on the package. I actually bought 2 of it, one to open and one to keep in the box. There is NO way I'm going to open that one, and even less of a reason to part with it too. So, I guess I do a little of all 3 choices...
I don't think I've kept the boxes for any of my Disney collectables, except for one big fig box, and a box for my Tomorrowland snowglobe, but keeping these boxes wasn't really planned on, they just never got tossed out, but it worked out nicely when I moved around this summer.
Most of my stuff is from DisneyShopping, purchased when they released all that cool stuff for the 50th. None of the boxes were particularly noteworthy- all plain white, with warehouse labels on them. So I didn't think it was worth keeping the boxes.
I used to collect Peanuts figurines, thought, and I still have a few, and I kept most of the boxes for those...
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I keep my boxes for my WDCCs, Jim Shore, Lenox and other figures that come with the packing stuff that is fit specifically to them. The other boxes I throw away.
If there is a special deisgn or picture on the ones I'm throwing away that I like, I'll cut it up and put it in my scrapbook of advertising stuff. I have a whole book dedicated to this stuff that has any of the Disney ducks on it....Fliers from the Disney Movie Club, parts of the Kleenex boxes, backing to carded packages...this way I can keep the parts I like without all the packaging taking up room.
With great pride: Disney Store Cast Member August 2011-Present
D23 Charter Member - 2009, 2010, 2011, 2012
WDW Trips: June 2012, 2010, 2008, 2007, 1997, 1996, 1994