I was planning for a custom timer job for which i wanted to store some configuration data. Was looking for some best practices, found a useful links on The Hierarchical Object store Store http://www.chaholl.com/archive/2011/01/30/the-skinny-on-sppersistedobject-and-the-hierarchical-object-store-in.aspx 

Initially was planning for a custom list, but this would make us run a cross site query and the list name and the url should again be kept in some configuration which is an headache to maintain. Hierarchical object store was zeroed in and thanks to Google for the same :)