Storing knives in knife sheaths
I use these and love them. They really do simplify storage since you can just use any drawer. If you ever needed to travel with your knives (I haven't) they are a great benefit there as well. It's also nice to have your knife in one of these if it's just sitting on your counter while you get everything in place. If you're clumsy and you knock this off the counter you'll only end up with a bruise instead of a trip to the hospital.

The only cons I've found are rather insignificant. You have to occasionally clean them, and you have to go through that one extra step to get to your knife.