We happened upon this set up at our local Anthropologie store and although it's only purpose here is to display the glasses for sale, we think it could be a great way to do so in your own home, especially if you're going without upper cabinets like all the hip kids are doing these days.
We've featured an idea similar to this over at Apartment Therapy Chicago, though there is a little more work involved, but if you're looking for the same concept with a smaller footprint it would be another great option.
If you're worried about the wood touching your glassware, try heading to the hardware store and pick up a can of Plastic Dip/Coat (meant to cover the handles of tools) and paint it across the bottom. Nothing will slide around or catch cooties from an old pallet!
(Image: Sarah Rae Trover)