I love vintage letterpress trays. All those tiny compartments just scream for some sort of brilliant repurpose job. But repurpose as what? Here are some great ideas I found:
Drawer organizer for a bead collection by Rivulette from her Fickr page.
Funky photo display by Anna Betts at Colour + Sound.
Tiny figurine curio cabinet (for your collection of plastic Army men perhaps?) by Monjojo.
Lobster Mobster painstakingly spliced a map into each compartment.
Sewing supplies holder by The Tilted Tulip.
And there was one final photo of a repurposed letter tray holder that I decided not to publish. It organized a vast selection of (hopefully) fake eyeballs.