I live in a small retirement house and space is at a premium.  Rack is easy to fold and store in a small space, when opened it fits in the shower and is sturdy enough to hang a significant amount of clothes to finish drying.  No more hanging clothes on door knobs.  

Pros: Easy to fold and store.  Holds two people's shirts and pants from one washing.
Cons: Arms are not strong enough to hold a lot of fully wet clothes.  I partially dry clothes and then hang them.  This works very well for me.