I'm a 'notes' preacher. I type mine out almost word for word. I never preach them 'word for word' but it's a discipline that I've held for my life. My notes are basically 3 part:
1. I have a napkin, scrap of paper... basically whatever is present... to put my thought / title on wherever I may be.
2. When I get home I organize them into 'rough draft' in a 'sermons in preparation' directory on my computer where I have anywhere from 30 to 50 thoughts 'cooking' at a time.
3. When I feel direction to preach one of those thoughts I invest time and thought into what will eventually become the finished product.

Contrary to our Bro. Eckstadt's supposition, I'm a 'notes' preacher that don't utilize other's sermons. I strive to be very original (I guess 'original' is a virtue when 'good' is out of reach!) in my messages.

I seldom ever walk to a pulpit without 10 hours of study and prayer in that message. God doesn't require it; I do. Again, it's a discipline that I have applied to my life because I don't have much confidence in myself and have all the confidence in the world in God's touch on my life. Hence, there are many times I walk out and God sends me off in another direction but I NEVER go unprepared... period.

As for paper / computer? I have filing cabinets full of notes that I print out (average of 20 to 25 pages for sermons or 'one night' Bible studies / 100 to 150 pages for 'series studies' that I put together) but have been preaching off my small laptop computer for the last several years. The reason? I travel a lot and it sure beats carrying an extra briefcase full of notes.

I take my ministry very seriously and teach the young preachers that sit under me (or have gone out from under me) that part of taking your ministry serious is being serious about sermon preparation.