It might be useful to look at the current crop of NoSQL databases which allow you to store arbitrary sets of key-value pairs per record.
I would recommend you look at couchdb, mongodb, lucene, etc ...
If the schema changes often in an SQL database this ends up in a nightmare, especially with reporting.
Putting everything in (rowId, key, value) triads is flexible, but slower because of the huge number of records.
The way the ERP vendors do it is just make their schema of the fields they're sure of and add a largisch number of "flexfields" (i.e. 20 numbers, 20 strings, etc) in fixed named columns and use a lookup table to see which flexcolumn corresponds to what. This allows some flexibility for the future while essentially having a static schema.
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