Power cable management

Is there any consensus on what to do with power cords that are too long? I figure the options are:

1). Coil neatly
2). Wrap neatly back and forth kind of like a bow tie
3). Leave as a rats nest and try to ignore it

I am currently employing option 3 but would like to staighten it up a little. This is for relatively flexible captive power cords on some older equipment I have. I also have some stuff that takes UECs but my aftermarket cords are made to just about the right length so there isn't really any excess to worry about.