Attributes have always been a subject of interest for long.  Many store owners deal with this in multiple ways.. there are of course multiple ways of handling things.

I decided I will make a post of each type of itjust for my own.. I will be linking the different types of calculations involved very soon on to this single post.. so do look for it . Cheers, Shiv

1.  each option as a different type/form of the individual product