There are not many methods of organising drill bits that could legitimately be described as sexy, but this Instructables project falls into that category. If you're handy with wood, this is a great weekend project to help tidy up your workshop.
Instructables' user -BALES- became tired of useless drill bit organisers and decided to create his own from scratch. You'll need reasonable woodworking skills if you like the idea of copying his project, but the results make it worthwhile. You'll need a plywood sheet to act as the back panel.
The project uses french cleats -- wooden batons cut at an angle -- to house removable drill bit units. You can group together all of your wooden drill bits, your masonry bits, and so on, and pull them all down together when you are working on a project. Just as with other, simpler drill bit organisers, you will need to drill vertical holes so you can slot bits into place.
As your bit collection grows, you can construct additional housing units and move them around as you see fit to make the best use of space. Stain the organiser, hang it on the wall, and you're good to go. Stylish organisation for your workshop.
The Drill Bit Rack [Instructables]