My basement is primarily used for HVAC, water heater, networking, and washer/dryer. I don't store much down there simply because I don't have the stuff to store. I do use it as a workshop for home projects. Right now I have a miter and table saw setup along with some saw horses while I install wood flooring upstairs. I do have two shelves of house paint, cleaning supplies, and a few things that I normally have in the garage that I don't want frozen.
I'm not a big fan of finishing basements, at least not with drywall. There's just too many ways for water to cause trouble that won't be seen until it's a big problem. Water heaters leak, sewers backup, unusual storms make new foundation leaks, sump pumps fail, etc. Suspended ceiling, tile, and paint the concrete walls would be about as far as I would want to go.