We're totally digging San-Diego-based designer Curtis Micklish's Pin-Up, a configurable hanging rack that seems like some kind of board game invented in Asia. A grid of holes contains dowels (backstopped, naturally) that can be slid in and out, serving as individual pegs, or peg groupings to hold bulkier stuff.
If you're a renter, just don't let your landlord see the thing, or s/he may wonder how the pegs manage to retract so far inside:
To briefly explain how it works, there are a group of free moving dowels that have a stop at the backside. The outside center dowel on each end is attached to a backboard that moves freely forward and backward and allows you to easily push all dowels out to full extension. Then it just depends on the object you hang to push the pins in where its needed.
This piece is made to be installed inside the wall to give this flush, sleek feel and it fits within the typical 14" +- bay in the wall. Thus, there is a little drywall cutting, but nothing major. However, if you do not want to hassle with the drywall, I can also make the piece surface mounted, wrapped in walnut.