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I have one of these hanging off the side of my mill. Was there when I got it. It works well for collets, because it is screwed to the side of the mill and the bulk of the collet weight is below the support point. I have no worries about it falling over and scattering collets when bumping into it.
First, I'm wondering if something similar can be done for drill bits, so that they're not teetering on a shelf.
Second, does anyone know what the extra slots and holes in these racks are good for? I've not been able to find a single picture with them holding anything other than the 13 collets, and the other areas used as a tiny shelf.