I open my CE's in order for me to play the game. I have a few CE's that are rare that I keep sealed, in those cases I also have a standard copy of the game to play.
I cut the seals, I don't like peeling off circle seal labels as I'm shit scared it'll lift up the paint and/or rip the box. I make the exception if it's on a clear plastic sleeve or metal case.
With the CE's that I do open, like you guys I flick through the stuff, download any bonus DLC, display the statue or figurine (if the CE comes with one) and put any other stuff back in the box and store in the cupboard (with kiddie locks) so they don't get damaged. I have kids and as much as I love them, they ain't touching my game collection!
I have my steelbooks stored in plastic sleeves, I also have a collection of guides, the majority of them I keep sealed and stored in a cupboard also.
Call me anal, but I treat all my CE's with as much care as I can. I don't like handling them too much as I want to keep everything as minty fresh as possible.