I think just about everybody agrees that needle rolls are the best way to store straight needles and DPNS, but when it comes to circs, it seems nobody can agree. Personally, I’m a fan of the hanging storage method, which prevents the flexible parts of the needles from getting kinked up and keeps me from having to do any untangling to get what I want.
I made my own holder, and it hangs on the wall in my office-slash-craft-room. It’s not fantastically pretty, but it is ridiculously useful. The only drawback of this storage method is that it’s not very portable.
I made up whatever lace, cable or textured patterns I felt like using for each of the “spaces,” and the numbers are intarsia. I started at the top, with a horizontally-worked cable to make the “handle” a bit stiffer and less prone to sagging. I then picked up stitches all along the bottom of the cable, leaving a space in the center to become the handle opening, and knitted down from there until I’d made enough sections for all my needle sizes. As a final step, I crocheted around the edge of the whole thing for additional stability.
Hanging, the fabric does want to curl around on itself a bit. I keep it straight using two of my thicker straight needles (size 15, hollow aluminum) threaded through the top and bottom, but that’s not really important.
I just poke my needles through the fabric in the right space for their size, and they’re ready and waiting for me when I need them. No need to use size tags or my needle gauge, though I do have one.