From Ben Tilly's blog
Speaking of email, working at Google you learn really fast how gmail is meant to be used. If you want to deal with a lot of email in gmail, here is what you need to do. Go into settings and turn keyboard shortcuts on. The ones you'll use a lot are j/k to move through email threads, n to skip to the next message, and the space bar to page through text. And m to hide any active thread that you're not interested in (direct emails to you will still show up). There are other shortcuts, but this is enough to let you skim through a lot of email fairly quickly without touching the mouse too much. Next go into labels and choose to show all labels. Your labels are basically what you'd call folders in another email client. (Unfortunately they are not hierarchical, but they do work.) Next as you get email, you need to be aggressive about deciding what you need to see, versus what is context specific. Anything that is context specific you should add a filter for, that adds a label, and skips the inbox. Nothing is lost, you can get to the emails through the list of labels on the left-hand side of your screen in gmail. But now various kinds of automated emails, lower priority mailing lists, and so on won't distract you from your main email until you go looking for them.
When you combine all of these options with gmail's auto-threading features, it is amazing how much more efficiently you can handle email. In fact this is exactlythe problem that gmail was invented to handle. Because this was the problem that Paul Buchheit was trying to solve for himself when he started gmail.