I use a set of these. Other than price I can't think of a downside to them.
http://store.huot-store.com/tool-storage/product/13590.html
Yup I use one of those for my (mics bits.)
Here is my setup.
Black and decker box is all wood bits
Black box is all masonry bits
red box is Matco warrantied Cobalt bits up to 1/2
gray box is all 3/8 bits (I have about 100)
wood box is 1/2 to 1" by 1/8"
transfer punces in front of wood box
and jug is full of 1/2+ mics bits
top houses my really expensive bits... (spent about $300 on whats there)
mics counter sinks, unibits, cutting bits, tools and guids below
hole saws in top drawr
tapered bits and carbide burs in middle
bottom is all engraving tools
It's not perfect but it's a good start.