There is a long tradition of hanging furniture on the wall, going back to the Shakers: Designer Benjamin Caldwell describes why:
The Shakers began the tradition of wall mounted furniture by placing pegs along the walls of their rooms in order to hang chairs and other furniture pieces when they are not in use. The shakers lived a very simple life, and were foremost experts in eliminating clutter. Their beds contained rollers so that each day the bed could easily be moved so that the dust and debris could be easily swept up with a broom. Statistically this focus on hygiene and cleanliness paid off as Shakers had a longer life expectancy than other peoples living in nearby towns.
At Studio Gorm, John Arndt and Wonhee Jeong Arndt have designed their version of a Shaker peg rail, and a line of furniture to hang from it. What's really clever is that each piece of furniture is flat, and you assemble it according to your needs.
It isn't just Shaker inspired:
Peg is a family of furniture with diverse parentage. The shaker peg rail, the korean wall hung table, the tinker toy and the lowly shop broom. A flexible furniture system made up of simple components, which can be assembled in a variety of ways to accommodate a multitude of scenarios.
As Core77 notes, " this will scandalize you Ikea fans but there are no Allen keys required; everything goes together and comes apart by hand."
I love the simplicity and cleanliness of it all, although I suppose that it would be a pain to come home at the end of a hard day at work and then have to assemble your furniture before you can sit down. More at Studio Gorm, who I have admired since their Flow 2 Kitchen.