Used excel for ages, and as most have suggested, it does the trick spot on.
I got a bit bored with it, and during my days of coding, I started to write in a VB app that would give me a user interface and access database. I was able to import spreadsheets which had been made via Beckett's online checklists (albeit they changed frequent, and I ended up having to create a template format for importing checklists).
Included a simple user-friendly interface, and reporting abilities, as well as being able to attach card scans to each stored card in a database.
I kinda left it behind over time, still have it, but as an un-finished project. Every now and then I pick it back up and do a bit more. Now I'm back into collecting again, I might purposely find more time for it, although that sometimes proves more difficult that suggested. It really wants re-writing into a web-app design, and I'd love to get it done, perhaps one day....
There's so many ways to do them these days, and if you google them, there's plenty of free applications out there that'll do the same job!!
EDIT:
I don't recall doing it, but it seems I even found a way to create a Wantlist from a checklist that I'd imported into my application, based on "Haves/Wants". Neat!
Here's a snippet of what my Devin Harris PC looks like (it's empty, but it's a checklist none the less).