Drill bits are incredibly easy to lose. Even if you have a case built specifically for bits you're still bound to lose one now and again. Over on Instructables, user bobzjr shows you how to build a simple, at-a-glance style bit holder using a piece of foam rubber floor tile.
The nice thing about this bit holder is that it lays out all your bits in one clear view. No poking around inside a bucket (or worse, something like my system of "throw them all in a tupperware container") or digging through a box. All you really need to do is cut a piece of cheap foam tile, and a piece of wood as a backing. Then drill small holes into the foam, attach the foam to the wood with epoxy, and you're all done. Head over to Instructables for the guide.
The Best Bit Holder [Instructables]