Pros: It goes up (out of the way), cost effective
Cons: you probably require additional hardware to hang this.
Drying your laundry on a clothes line and not in a gas or electric dryer is 100% Green. This is one possible options.
I have 5 or these; 3 older style which have metal rods (no clothes line) and 2 newer style which is a metal frame with the clothes line. I much prefer the newer style because the clothes pins stay on the clothes line better then they stay on the metal rods.
I use these outdoors under an arbor and I have run the rope lines through some extra pulleys. My goals were to have a clothes line dryer that would disappear when not in use and to hang clothes out of the way when drying. This succeeded on both counts. I lower the rack, load it with laundry and raise it - in my case the arbor is high enough so I can walk under it while it is drying all but the longest pants or sheets. When empty and pulled up it is not noticeable (this may be not as true inside under a ceiling).
The product is simple, just as pictured - a metal frame which you lace a clothes line through and attach the two lines to the hangers at either end.
It comes with two pulleys and a line which I thought were kind of light weight. Also depending on where you intend to use this and how you want to attach it to you ceiling you will probably need additional hardware. Wet laundry can be heavy - I think the rack is strong but the pulleys will need to be attached to studs. Molly bolts or the plastic expanding fasteners will not hold a full rack.
To completely replace the hanging hardware (rope, pulleys, S hooks and bigger hooks you can screw into studs a couple of inches) is not very expensive, perhaps $10 to $20 and well worth it. You don't want this falling on someone's head.