Ooh ooh you could do this on the cheap with electrical tape, if you live in an area where none of these fantastic places ship to...like me. ;)

If you have a steady hand with scissors, you could try cutting frames (or even silhouettes) from adhesive-backed felt.

(Though there will be Goo Gone in your future if you do -- that particular adhesive is feisty.)

... or you could just tape your photos to a wall.

Sorry, but I think this looks like crap.

Whenever I do something to a wall, I think about what it will be like to eventually make it go away whenever the person either changes their mind about it; wants to re-decorate, the lease runs out, or when the owner or shareholder is scrambling to get things done before the closing, and the idea of having to get that much adhesive off the walls seems like a nightmare.

I just love the arrangement, placement, and mixture of sizes.

I agree with Francesca - it's nice... but it does look cheap. You could easily reproduce this with some tape & paint, then just paint over it when you're done, or like speakaboo says, some careful cutting and placement of electrical tape could work. Or just plain old construction paper or acid-free archival paper and some scissors. It's really a diy project.

You could do it with that Marti Guixe tape which looks like ornate picture frames. It was posted on here ages ago, I seem to remember. I think this has potential, in the right context?