Multiple variation dropdowns on one product - Feature Request

I would like to see the ability to add multiple variation drop downs for a single product, as the title states. For example, I would like to be able to have a product called "Awesome T-shirt" Then have a color variation drop down, and a size variation drop down.

Currently, unless I have just not seen it yet, I have to either have very long drop downs (16 lines if I have 4 colors and 4 sizes), or I can do 4 different products with color specified "Awesome T-shirt - Black" with 4 variations for size each.