We seem to be on tool chests at the moment so I'll throw mine into the ring. The story behind it is that when I made my workbench I added a tool well -- partly to conserve wood (I was running short on the hickory I used for the top) and partly because I thought it might be a useful feature. The latter never proved true for me and the tools which ended up there got lost in shavings and other clutter.
My fix was to build a small tool chest that sits in the tool well and provides easy to reach storage for my most commonly-used tools. These are always at arms reach. It also has two banks of drawers for storing small items. It's worked out great and I highly recommend this approach if you have a bench that doesn't sit against a wall (where you could mount a cabinet).
I store about 30+ tools in the cabinet, plus a few more in the drawers. The wood is primarily pecan and sweet gum. I added a marquetry panel to the back side for fun (last picture). I probably had as much fun on this as any recent furniture project.
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