Gems of Wisdom

When you buy a hard to find part, make sure you buy more of them than you could possibly imagine using. If you don't, it will come back to haunt you the night before the project is due.
Don't use an adjustable power supply for anything. If you must, always check the voltage before you turn it on.
Don't plan on using linear 5V regulators if you are drawing a lot of current. They will not be able to dissipate enough power (even if you are running them at their rated current) and will overheat. Use switching regulators instead.
Start using your supplied power supply from the start. It may not supply enough current at the 5V rail for your application.
Use filters to get rid of ambient light.
Make every reference voltage adjustable, with a potentiometer accessible somewhere on your project. This will save a lot of time plugging in resistors.
You will never be done with the electronics. Make the proto-boards easy to access while your project is upright and running, to aid in debugging. We made the mistake of mounting ours upside down on the bottom of our project, which caused us a lot of pain and suffering.
Come up with a theme. Regardless of how ridiculous it is, it will make the project a lot more fun to decorate.