Make field layout/view dependent on the selection of another field / pick list

Make field layout/view dependent on the selection of another field / pick list

It would be great if you could hide a field altogether based on the contents of another. For example, I have a pick list for warranty status with items "warranty" and "non-warranty." If "warranty" is selected I would like to show other custom fields like warranty number, warranty status, and warranty payments. If "non-warranty" is selected, I would like to hide those unnecessary fields from the module layout.

I realize you can map field dependencies, but this would take it to another (better) level.