We had the magnetic knife rack, a heavy sucker that grips them really good. Trouble was, there wasn't a good place in this kitchen for it. Somehow, I was inspired to install it as seen here. It's just screwed into the bottom of the cabinet. We have our toaster oven right below, so the knives are not in the way of anything.
We decided to paint our cheap oak cabinets and I happened to spy a leftover piece of whiteboard hardboard, left over from another project, and noticed that it was almost exactly the same color as the paint. So, I removed the panel from the largest upper cabinet and replaced it with the whiteboard. As to how, you can check the many 'ibles on replacing cabinet door panels with glass or screen. It's just a matter of cutting the inner edge of the frame on the inside of the door.
Note: I looked around and couldn't quickly find an 'ible on replacing the door panels, but here is an outside "how-to" link: http://www.hgtv.com/kitchens/update-kitchen-cabinets-with-glass-inserts/index.html. They just glued their panel in with silicone, but I also used glazier's points.