UPDATED 21 May 2011:
I just further updated this because I started using the "AlbumSortOrder" (or "AlbumSort" in the new version) tag to insert chronological info for Artists who release multiple albums or singles in the same year and my OCD wants even THEM to appear in the right order.
I went with a "%year%·1·%album%", "%year%·2·%album%" etc. scheme for artists who I insert the same year chronological detail for manually.
My workflow would thus be to highlight all the tracks from one artists, sort as mentioned below, format the %albumsort% field as %year%·1 for all tracks (as the VAST MAJORITY of all albums ARE the first release of the year by a given artist), and then update the sort number as appropriate for singles or albums that weren't the first item released that year for the given artist, and aren't also alphabetically first. Then, when done, I append the album names on the end, so there is something to keep all the "1973-1"'s from sorting together elsewhere.
Otherwise, I just format the %albumsort% field for all other tracks as "%year%·%album%".
My new sort column script is this:
Sort by: $if2(%artistsortorder%,%artist%) - %year% - $if2(%albumsortorder%,%album%) - %discnumber% - %track%
With the new tag names in version 2.47 and beyond, this would be:
Sort by: $if2(%artistsort%,%artist%) - %year% - $if2(%albumsort%,%album%) - %discnumber% - %track%
($if2 specifies if the ArtistSortOrder or AlbumSortOrder tags are present, use them; otherwise, just use the artist or album name.)
This way I don't have to add Sort Order data manually to EVERY artist in my collection - just the ones I'm really anal about. And since I previously blanked out the AlbumSortOrder tags from all my collection, only the ones I've specifically added it back to will have them, so I know they will be correct.
Love this program more and more every day!
[Edited previously to include Artist Sort & Disc Number tags]