I love peg board. Love it. I got a real stand up tool box for Christmas this year, after wanting one for probably ten years, but never being willing to spend the money on one. Peg board is better. There are hooks and loops that can be made to hold basically anything. You can look across the shop to see if a specific tool is there… with the tool box you have to rummage through drawers.
If I was a bachelor it would line the walls of my house.