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How do I keep track?
Seibertron toy news!
Also check out various toy stores like BBTS.com, toyarena, tfsource etc etc

How do I keep track?

Spreadsheets and bar graphs; bar graphs and spreadsheets.

It's how I roll, dawg.

Another way to keep track is if somebody mentions a figure, odds are they're referring to the version in the latest toy line. For example, right now, "Voyager Optimus" probably refers to the Prime RID toyline (though with the FE reissues it might refer to that, instead).

Funny thing... I can remember all variants of transformers from the time I started collecting back in 2007.

I guess I just CAN remember it...

As for older stuff, TF wiki is your best friend.

I keep track of my collection using a spreadsheet. I have it divided up by line. I am also lucky enough to have a room to display my entire collection.

As far as buying figures goes, I figured out what I want in my collection. Then I set up some buying rules. As long as I stick to my rules, it makes my choices of figures pretty simple.

i will pretty much echo everyones comments about using the TFWiki as a resource coupled with Seibs galleries for cross-reference.
keeping track of my personal collection is done with Shmax.com; great record keeping resource and detailed info list.
click the banner on my sig to go to the site and create an account, if you feel inclined.
have used them for a few years and except for a couple of hiccups with the database when it was being upgraded, no problems.

I use a combo of memory, spreadsheets, and news on sites like seibertron. Before i fequented seibertron, i had no idea what was coming down the pipeline or when. Now i do. I simply note what i'm interested in with my spreadsheet and wait for the release, and a good sale. I don't catch everything i want but i also pay a lot less than retail on most things. That's really important for two reasons. First, so you can recoup your cost if you sell it later. Second, so you can afford all the other Transformers you want to buy!

I should add that there is no "best" version of a character or mold in many cases. It's a matter of opinion and taste. I'm generally willing to pay more for a substantially new mold than an altered paint scheme.