A good key rack means you walk in, hang your keys without looking, and find them the same way tomorrow morning half asleep. A poor one means the hooks are too close together so your keys tangle with your neighbor's spare set, or the thing is screwed in at a height that only works for someone six foot two, and within a month everyone's just dropping keys on the counter again, which defeats the whole point.
Check the mounting before anything else. Look at how it attaches to the wall, whether it comes with real anchors or just two sad little nails that will pull out the first time someone yanks a stuck key off a hook. Give the hooks a proper tug in the shop if you can, the cheap ones bend or spin loose within a year, and a rack with wobbly hooks is more annoying than no rack at all. Also check the spacing. You want enough room between hooks that a key fob and a carabiner don't fight each other for the same two inches of wall.
Where it sits matters more than how it looks. Right by the door, at a height anyone in the house can reach, is the only real rule. It sits well near a small shelf or a bowl for mail, next to a mirror if you've got one, or just on its own on a stretch of wall that's otherwise been doing nothing. It does not need to match your furniture. Nobody is staring at the key rack when they're not leaving the house.
Wood ones age the best, honestly. They pick up small dents and scratches from keys swinging around for years, and it just looks lived in rather than beat up. Metal ones show scuffs more and some finishes wear thin where keys rub constantly. Either way, wipe it down occasionally, tighten the screws once a year, and don't hang anything heavier than keys and a light tote on it unless the label says otherwise.
Where it falls apart is in a busy household with more sets of keys than hooks. Four people, three cars, a dog walker with their own set, and a five hook rack turns into a pile on top of itself. Count your keychains before you buy, not after. And if you're someone who genuinely never loses your keys, you don't need this at all, you need nothing, you're just built different.
A key rack only works if everyone in the house actually uses it, which is the real test, not how it looks on the wall.