Currently, I'm doing quite a few things. I recently got a 20-odd migrant wave, including 3 Peasants, and 2 Fish Dissectors. I just mined out some Tetrahedrite so I could make some Copper Short Swords for training. Although I only have two squads at the moment. Two Peasants from my first migrant wave who are now Champion Wrestlers are stationed at my fort's only entrance along with various traps. And my only other squad is two Recruits who are outfitted with leather armor and bronze shields and swords, training. I'm going to make them respectable fighters and then outfit them with Obsidian Short Swords. Normally I'd use Steel, but my embark point had a ridiculous amount of natural obsidian and tetrahedrite but little to no steel ore. My entire fort is mostly obsidian.
In non-military affairs, my fort is currently at about 50 dwarves total. I'm having my 3 miners work on carving out rooms and tombs for the nobles, since I like planning ahead. I'm also getting to work mass-smoothing all the walls of my fort and engraving here and there. I've also recently installed a moat and drawbridge outside my entrance connected to a lever outside my dining room, with an abundance of traps in case anything does get in. And finally, my only real ore in the area is Tetrahedrite, so the metal production industry has been...slow. I'm mostly focusing on making copper training equipment so I can get the skills now and maybe trade for steel later.
I'm actually doing very well food and booze wise. My main food source is Plump Helmets with Pig Tails thrown in for variety. I have 200 total food, roughly 150 Plump Helmets and 50 Pig Tails, along with about 400 total booze. Even with 50 dwarves and near-constant partying, my food and booze stores are doing nothing but increasing thanks to my multitude of farms. I might have to set Plump Helmets to cookable and put my kitchens on overdrive just to reduce my stores.
Last but not least, I'm on my 3rd strange mood total, and all of them have been Fey Moods. Luckily each time I had all the required items. On the bad side, the dwarves taken by moods did not have any moodable skills. The current Dwarf in a mood is a Woodcrafter, currently building...something in a Craftsdwarf's Workshop.
All of this is in 40d if anyone is curious. 2010 is too buggy for me to play currently, though I'll pop in to it sometimes for arena fun.