The TuneTether is a necklace-style device that holds the earbuds and allows them to dangle safely while not in use. My problem with this, I already have 20 of these in my closet, they are called t-shirts. When I am using my iPod I generally feed the earbud wires underneath my shirt, so when not in use they dangle in front of my shirt at the collar. Regardless, the TuneTether can protect your earbuds if you don't feel like stringing them under your clothes. They are available in white, pink or black for $10.

TuneTether for iPod Earbuds Released [iPod Observer]