Ok, so here's what it's done for me: I have stored all the bitz I have laying around for my Eldar, Dark Eldar, Marines, Sisters of Battle and Tau all in one side (in other words, the other tray is still entirely empty). The drawers are home to my large flight bases, small flight bases, all stems for the flight bases, large (i.e. War Walker-size) bases, regular 25mm bases (slotted), regular 25mm bases (not slotted), Macragge doo-dads (I have a large collection of those pylons), and all the washers I use to magnetize my models (those of you who have seen my carrying case will understand).
In using this thing I have eliminated three Tupperware containers, two plastic bags, a dog-eared Dark Elf box and a bowl I was using for the washers. Where the thing itself is concerned, I still have one entire tray that's empty. In other words, I've put 100% of my bitz and overflowing model-related crap into one container (eliminating the need for using and storing seven other containers) and I still have tons of room for whatever
There are two downsides I can think of; one kinda-minor, two actually-minor. The first minor one is that both the trays have to be open if you want to slide the drawers out (minor irritant at worst). The second is that a few people (yes, Matt... I'm looking at you) have way more bitz than this thing can hold. This is a minor concern because this organizer makes for a decent way to sub-divide your bitz (like, you could buy two; one for all Fantasy and one for all 40k, or one for all Marines and one for all Nids... whatever). The slightly worse problem is that it's not really able to handle HUGE bitz. For instance, if you have a Land Raider hull you're holding onto, this wouldn't be a case that could likely carry it without taking a knife or dremel and modifying it (I don't know how big that thing would be; I'm just giving an example). If you need something to carry hella-big bitz in, this isn't your solution.
It's called a Tool Organzier and it's made by a company called "Zag" (and before you ask, no... me neither). I've included photos for you to peruse.
In sharing this information I feel as if I have done my good deed for the day. Mazeltov.