John Jacoby writes his thoughts on the structure of
wp_options, noting that its current approach was good approach 13+ years ago, what seems good now, and what problems might exist improving on it going forward.
Also, recently the A Healthier Option plugin was released. Built by Justin Sainton and Zao, the plugin analyzes and provides a health matrix for your options table. It then makes recommendations, and informs you a simple way to implement those recommendations.