It is exactly what I needed for my laundry room!  It is compact and works great for a drying rack that doesn't get in the way!
The only improvement I'd suggest is  to make the rods a little more substantial so that I could use it as a garment rack for a load that I want to hang up with hangers straight after coming out of the dryer.  I suspect it would work for lighter things, or maybe one or two hangers....but not a full load of pants etc.  That would be an awesome 'build' for this product.  However, I love it as a drying rack, and recommend it!!