Ha! That Stitcher's Closet that is $42.99 is nothing more than an oversized (and over-priced) shoe or sweater organizer. Go to any dollar store and you can find them cheap cheap cheap.
I have several of these sweater organizers in a closet and also a shoe organizer for my smaller balls of yarn. I stored some of my straight needles in a plastic "shoe box"; others are poked through a scarf and hung up in the closet on a hanger. I used an empty paper towel roll to loop some of my fixed circs (old ones) through and hang up on the same hanger.
As for the needles I use all the time, I got the Jordana Paige Knitting Butler for Christmas, and they're all tucked away in it, along with scissors, row markers, note pads, and life lines.
Warning about organizing your yarn in an easy to find place: Your roommate, husband, children, visitors, and all the neighbors can then see how much yarn you REALLY have! Is that a good idea?