I use magnetic pin cushions. I love them. They're handy and keep the pins on them.. and if you drop them you can use it like a magnet wand to locate the lost pins.
I'm not a fan of fabric pin cushions. I know I'm in the minority here but I just don't like the look of impaled pins sticking out all over the place... maybe it's my creeped out memories of watching Hellraiser lol.