Fondue pots are one of those things everyone gets as a wedding gift, and most people use once a year -- not exactly the best use of space and money. A pressure cooker will melt cheese or chocolate to the right consistency much faster.
Over at Hip Pressure Cooking, they explain the advantage of a pressure cooker over a fondue pot:
There's no need to melt and prepare the ingredients in a separate container. No hovering, measuring or constantly stirring , either. The whole chocolate fondue-making process is basically hands-off until it's time to dip in.
The same quick, moist cooking method works for most cheeses. The key is to use a ramekin or other small bowl inside the pressure cooker. Check out the link for the details and some suggested recipes.
Hot, Hot, Hot Chocolate Fondue [Hip Pressure Cooking]