you going to want to print these later?
if so, and you have the space, go for 600dpi. it can be a bit overkill, but you'll have real backups of your pictures. your scanner can probably go higher, but i don't think you'll see much gain in clarity from a 1200dpi print while you'll definitely see a big filesize difference.
when i had less HD space, i scanned all mine in at 300, edited them, then moved em down to 150. but with 200GB drives out nowadays, that's less of a concern.