Is Material made up of Nodes kept in database at all? Node has no name. How do you reuse Node? That is Node made up of different materials and textures.
make a group then you can copy the group
I suppose if you end up with complex Node scheme and you want to be able to use it later on different object, you can always bake it and create a texture. Am I right?
you could UV bake it and re apply as an image
but baking does not allow to view at different angles or not as good as the real render
so grouping nodes allows you to get the real thing and not a fake i guess
but you have the choice depends what you need!
Oh ok, I found Node > Make Group menu. I need to test this function out. Thanks.
read about it in wiki
you cannot group the first scene node this one needs to be created when you make you nodes
and in 2.49 you need to import the group from the render button at top of screen i think
in 2.5 never tried it yet if you find it how to import it let me know