Suggestions on how best to configure Permalink Settings?

Any suggestions how best to configure the Permalink settings in WordPress? I still need to fix all my old links from this blog when it was running on Community Server 2007. CS 2007 use to use something like /archive/year/month/day/unique-id. Is that the best way to go now as well or are there better and more flexible options?

Also I tried using the %tag% field, but it does not like it and had to revert to using %categories% as you probably can see. Again, any suggestions there?