When we first moved here I bought a cheap modern version, but without the pulley system. I was really short of cupboard space, and didn't have the money to add more cupboards, so I got the 'hanging rack' (as we call it) and hung it over the table in the kitchen. I don't have high ceilings, and hung pans and trays from it, that sort of thing. Being over the table, we could avoid the things hanging from it most of the time, but OH occasionally made a bit of music with his head on the pans as he stood up
When LO was tiny we would put the baby bath on the table and she would fix her gaze on the shiny pans while we washed her. We'd also rock her to sleep in the kitchen with her gazing at them until her eyes shut. For that it was invaluable for a time.
When I had my kitchen done out I had no further use for it and it was stored in the junk shed for about a year. Then, when I got the allotment I took it there and hung it from the shed roof. It's very low but ideal for hanging cups, gloves, bean plants full of drying bean pods, bags, etc.
For drying clothes I have a retractable 4-string washing line in my kitchen for when the weather's not good enough to hang them outside (11 months of the year then

). Now, every time we go to the fridge we get attacked by wet socks.

For underwear, I always hang the tidiest, most respectful itmes on the line that might be viewed by any visitors that wander into the kitchen. Anything tatty, old, raunchy or stained

goes on the middle two lines where it is masked by the nicer stuff on the outside.