The dishrack folds up into a flat and neat storage state, and then unfolds to hold even wine glasses with the wave shape of spikes on top. There's a drainage tray with a spout that can flip in or out, depending on whether you want to drain into the sink or not.
The whole setup is made from stainless steel and polypropylene and is packaged in an unbleached cardboard box, which means the packaging can be recycled.
The only drawback (you knew there had to be a downer, right?) is that there are only limited numbers available right now, in October, and black + blum is located in England. The price is £39, before shipping. If you're interested in one of these dish racks, email black + blum and get on their list.
(Images: black + blum)