I "bagged" the towels in one of my bathrooms in my old house, but had forgotten about it until the other day. Not sure what actually made me remember it, but I thought I would do a sample one (apologize that it's not a great photo - not one of my strong points) and share it with you. Not sure that it's a "new" idea, but if it's new for one of you and you like it - mission accomplished! :-)
To bag, you fold the towel as you normally would to hang it over your towel bar and then just flip it upside down, keeping the towel bar in between, and tie it with whatever you wish. In this case, the tie is in the back because that just happened to be how this one worked. There are so many variations on the theme from sophisticated to cute, from master bath to kids bath - it all depends on the towels you use and what you use to tie them with.
edited 10/28/09 to add side view photo My husband likes to hunt and fish, so in my old house I did a bathroom downstairs in that theme. I had two bath towels hung side by side on the towel bar and used twine to tie the towels and hung large wooden bobbers from them.
A simple, inexpensive option if you're looking for a different look.
If you're interested in creating a mood board for Mood Board Monday (Nov 9th), you can find the inspiration HERE.
Edit 10/28/09: I'm adding this to the Works for Me Wednesday Blog Party! Hopefully the idea will work for one of you.