Collapsible colanders came up last week, and while looking around for a good one, I ran across this Stainless Collapsible Wire Basket ($3.95, Lehman's).
One of the first challenges of a small kitchen is finding multi-use tools. I don't have enough room for a huge mixing bowl and a stockpot; one big stockpot plays double duty. This product is a classic expression of that spirit.
It collapses flat, like the popular silicone colanders, but its stainless steel construction lets it be used as a fruit basket, steamer, and colander, and it takes up even less room than the still-bulky silicone versions. Plus, who can beat that price?