Have been wanting to remove drywall to recess coat hooks between the studs ever since we built the house! Finally, here's a pic where it was actually done (from http://www.roomreveal.com/snaps/1550-Duetto-slab-with-a-leather-finish)
Tap into stud space for more wall storage - "If you’ve got an unused wall in your kitchen, consider using it to store canned goods and jars, as seen here, or stemware, vases and serving pieces. Notice the trim and the door design, which not only conceal the storage but add interest to an otherwise blank wall. Though cost will vary, Deidra Anderson, marketing administrator at David Heide Design Studio, says this project cost $1,300 to $1,900."