MOTM

The usual practice is to have an electrolytic cap and ferrite for 
each power supply "rail" as close as possible to where the power 
supply voltages enter the circuit board.  For MOTM stuff the 
electrolytic cap of choice seems to be a 10uF 50V.  If your circuit 
draws a lot of power you might consider a larger value such as 33uF 
or 50uF.  In addition it is a good practice to liberally sprinkle 
bypass caps throughout the circuit board.  The MOTM choice is 
a .01uF axial cap.  There should generally be at least 1 bypass cap 
for each power supply voltage every other IC chip, located as close 
as possible to the chip.  Some people prefer to use more some less.  
The idea is just to keep noise off the power supply lines, and 
possibly to prevent parasitic oscillation as well.  There are even 
some IC sockets available with the bypass caps built in but when 
using these it is important to make sure the power supply pins on 
your IC chips match the location of the cap built into the socket.  
If your circuit includes additional voltage regulators you would 
want to have an electrolytic cap and ferrite on the output of each 
regulator as well.