Objectifying Complex Armature/Multiple Scenes

I have a fairly involved animation. Everything was done in Blender3d, and is available for viewing at:

89Meg MPG: http://www.baldwintechnology.com/fullsize_video_r03.mpg
42Meg MPG: http://www.baldwintechnology.com/halfsize_video_r03.mpg

Has anyone decomposed a complex armature with interrelated models, multiple scenes into a set of reuseable object files? How?

I’m thinking that I’d be able to the modify individual objects, then cut and paste. But is it worth the effort? and how much effort is needed?