The last hand is always "No Trump". Inasmuch as all 60 cards are dealt out it is essential that the play of the W.& J be monitored. If these cards can be controlled there is an opportunity to develop a suit and possibly win enough tricks to steal a game victory.
If your hand is unbalanced with length in one suit, it is likely that other hands are also imbalanced. Consequently it is vital that you retain an entry card that will give you the lead. This means that generally speaking you should take your losers first and try to establish control in the late stages of the hand.

Addenda: (Jan. 2009)
Much Ado About Nothing: Of course No Trump hands pop up at other times than the last hand of a game.
A few observations: In normal trump games Aces of off-trump suits can be bested by 17 other cards; the 4 Wizards and the 13 trump cards. Consequently an Ace is by no means a sure trick. However in No Trump hands any particular Ace can only be bested by 4 other cards (the 4 Wizard). This fact greatly enhances not only the Aces but other high cards such as the King, Queen and Jack. Consequently in evaluating No Trump hands high cards become much more probable as trick-takers. In fact if the 4 Wizards are played the high cards in your hand may be sure things.