I have been meaning to do this with my ribbon. I pinned it a while ago and still have yet to accomplish this one. Right now all my ribbon is sitting in a box, labeled ribbon. Biggest problem with doing it that way is that they don't stay tightly rolled and I can't see everything I have.
Main reason I love this ribbon organization method is that you can see everything you have! Now I just need someplace to hang it. Having an old house I don't have extra closets for craft stuff. Need to find a independent closet thingy!