I've been wanting to have fold out desks/tables for years, as we've lived in tiny apartments for many of them. I don't have the wall space for this now, but think it's a great idea for my next home. :-D
Smart design. Ideal table for small spaces! Joe Warren's QMB, or Quad Micro Bar, is nifty way to seat four in a temporary setting. Washington-based industrial designer Warren observed that "bars and chairs are cumbersome, space-consuming assemblies that take up extra space when they are not in use," and set out to design a piece of furniture whose footprint was shrinkable.
Craft space organization: If you only have a closet or a small nook (could be covered by a pretty curtain or doors), this is an awesome way to get organized - the rolling cart is at IKEA and the white boxes to the r/h side are from Michael's - often at 40% off. The ribbon/etc holder also from Michael's, but would be easy to build and probably more sturdy.