Gear storage - on display or hidden and protected?

I was looking into getting something like IKEA Kallax to store + display my camera gear, but the other side of me feels like I should leave the gear in camera bags protected from dust/moisture/potentia​l drops/etc. but it would also be nice to have my stuff there and more easily organized as oppose to wondering which bag a lens or accessory is in.

Which approach do you take?

P.S. I live in a condo, so it's not quite the same level of "security" concerns, or someone peering in and seeing stuff on display.

I bought a 5ft X 2ft Gun Safe from Sam's Club, took out the Rifle Rack and installed felt lined shelves. Holds all my Photography Gear ( Except Tripod ) and Ammunition............​...

Open shelves bad because dust accumulates on all of the items on the shelf!
Visible shelves bad because if you ever have a party with a number of 'unknown friends of invited guests' in attendance, they can see everything you have and none of it is protected from light fingers...why make it too easy to temptation?!

Get something which closes and prevents view of the contents, yet is readily visible and accessible to YOU when you open the doors. Even a set of drawers, line 'em with felt on the bottom for less noise and wear on your gear.

I would not necessarily leave gear out in the open. There is always potential for something to be accidentally knocked. In the event of a breakin, theft is more likely. A drawer or a closet is a better idea.

I would not worry too much about dust unless you are in an extremely dusty area. I keep a dust cover over my printer, but not my camera gear.

The big issue with storing gear in enclosed spaces is the risk of fungus. You normally want air circulation. Fungus will destroy the value of a lens, and can impact image quality. If you have low humidity that is not a big issue, but for many areas the risk of mildew or fungus is important. KEH considers a lens with any sign of fungus to be "Ugly" - and discounts the price they pay by 50-100%.

If your gear is hard to see and access, you won't use it. Put it on shelves in a closet where you can see and use it.

I keep the camera, lenses, strobes, and most accessories in a letter-sized file cabinet with Pelican 1515 padded dividers. They're nicely protected and the cabinet can be locked.

What and to whom would you be displaying? I have my gear on shelves in a closet of a spare room. I also have my hand tools in a cabinet in the garage. I don't understand your view of wanting to display your gear. Rather display photos made with your gear.

I'd display classic cameras but eos gear isn't really interesting or pretty. It stays in bags, ready to throw in the car.