Until we fill the extra bedroom with kids, I have been using it as a big closet. If only it had more hanging space. I have a simple set up in the garage that holds all my biking stuff and helps it dry easily:
Clothes, tubes, helmets, etc
After - Before
Ready for drilling
After that I just found a couple studs and screwed it to the wall:
It was simple, cheap, not too invasive and really helps with hanging up pants and jackets. I think in the future we'll all have hanging racks on every wall in the house.