You've had some really great responses in this thread. In my view, paper wallets are inferior to the double-flashdrive approach.
Just keep your wallet.dat files on 2 drives stored in separate locations. Then, keep a bitcoin client "containing dust" fully synchronized on your machine on the ready.
Now, when you need to make a withdrawal, close the client, copy over your USB wallet.dat, reopen client and make withdrawal, then reverse the process to restore the dust wallet. Keep one flashdrive hidden and one within easy grasp.
As far as security goes - that really isn't much better than having your wallet permanently on your computer that is synced with the blockchain. You'd be far, far better off running a proper cold storage (i.e. Armory) and simply sign your TXs offline. Paper wallets are particularly designed for regular usage - that's why you keep a hot wallet - they are designed with the intention of securing your coins in a physical medium that is in most scenarios hacker-proof.