I don't do a lot to protect my albums apart from using
vgmworld's slipcases to keep the cases dust, dirt and scratch-free. I like them a lot and can really recommend them.
I also use the above mentioned BENNO cd/dvd shelves from IKEA to store my cds - I'm quite happy with them since they don't take up a lot of space (only 17 cm deep), they are very sturdy and easy to attach to the wall with the included hinges. Being able to alter the positioning of the shelves is a big plus as well.