Yes, this actually exists. And yes, it comes in pink (fine, it also comes in silver, black and white for you pink-haters). I was so incredibly happy when I stumbled upon this delightful storage device that I ran and told my boyfriend about it and jumped up and down. Obviously, he was not as impressed.
Currently, my shoes live in a HUGE pile under my bed. I have a long, flat tupperware under there too, but somehow the shoes never make it there as I tend to just kick them off and fling them under the bed.
Anyway, Rakku has created this amazing Shoe Wheel that will change my life (once I can afford it, they're $65). Each wheel holds about 30 pairs of shoes; if you've got the cash, buy a few! They easily fit into closets, or you can leave them out. Personally, I think they have a ferris-wheel-with-shoes-riding-on-it look, which in all honestly could be the focal point of any room.
Fabulous, no?