I have a couple of those hanging shoe rack things. They hang from the closet bar. My closet is small (old house), and it has sliding doors.
They work well for me because nearly all my shoes are off the floor, making the closet neater and my shoes cleaner. Behind the hanging equipment, I have a little floor space for my most seasonal shoes - for instance, my crocs (garden shoes) and my snow boots - and a couple of pairs of tall dress boots. Everything else hangs neatly out of the way.
The con in the mix is something I can't do much about, really. The hanging shoe racks take up space that clothing might use. But every closet, big or small, has a limit on its space. I keep seasonal clothing in boxes under the bed when it's the wrong season. When the closet is too full of clothing, I have to give some to charity. That's all there is to it. With shoes, there are only so many pockets. If I want another pair of shoes and there isn't room, I have to decide what to give up.
I can't say I enjoy that discipline, but it hasn't killed me yet, and it makes me think before I buy.