I have never found a way to make PM into a Digital Asset Management tool, but I have started playing iwth iMatch (
www.photools.com). It creates a database of thumbnails, IPTC keywords and a TON of other stuff that seems to make pulling up archives work effectively. You can specify a location for the images and then tell iMatch where the *new* location is when you move the directory (say, from a local drive to a USB drive to a DVD disc.). Nice interface. Seems pretty flexible.
I have only been working with it for about two days, but the documentation seems through (55-page tutorial + online help). For $59.95, it is not a huge investment. Free 30-day trial.
If anyone has other tools that they use for DAM, it would be nice to have some other opinions/suggestions.
-Mike