For about a year, I gave up almost a quarter of my counter space to a knife block and a bunch of glass jars that held whole grains. I shifted things around in the pantry last weekend, and moved the jars in there. Today, I put up a metallic knife strip on the wall. I think it'll work out well.
I have some knives waiting to be cleaned that aren't there. When they are all in place it's a tight fit, so I stored three heavy duty knives (which I rarely if ever use) in safety sleeves in drawers.
Check out that counter space it freed up - the knife block and the jars used to fill most of that whole corner.