We recently remodeled and took out a laundry room, moving the washer dryer into a small area.  We lost the ability to hang clothes, but this solved it.   

Pros: Multi functional and good design
Cons: The sides exposure a gap between the wall and the backing piece.  Not a big deal, but a unit much more expensive would cover that up.  Of course, this isn't an expensive unit, so it was perfect for out