If you're like me, you need to keep onhand more than one of each size of drillbit. This master drillbit organizer has a slot for each size of drillbit from 1/16" up to 1/2", with room for 6 to 10 bits for each size.

I store all my fractional bits in here, and can instantly find any size I need, and instantly tell if I'm running low on any given size.

This video covers the conception, design and build process.