Necrothreading here but this thread was very helpful when I just went shopping for pegboard for my shop.
I had never heard of Wallpeg, Wall Control or cheappegboard.com but I took all the links and info in this thread to heart and ordered.
The Wallpeg plastic hooks fit fine in the steel Wall Control board. I actually like 'em, but they will rock left/right quite a bit when installed (I don't find this a problem for my uses).
In contrast the old school steel locking hooks fit much more tightly but in many cases it's almost TOO tight because the locking peg is really meant to "squeeze" into wood-product pegboard. But trying to cram a steel peg into a steel hole is much less forgiving and sometimes you have to gently tap the steel hooks into place with a rubber deadblow.
The 1.5" Wallpeg L hooks will also flex if you have heavy tools near the end, so I use a mix of steel hooks for my bigger/heavy/multiple wrenches. But at $20 shipped for 100 hooks they're very affordable and one can easily afford an
occasional failure (I haven't had any failures yet but it's been up for all of 48 hours).
Anyway I'll get some more comprehensive pics of my wrench wall (I freakin' love it) once I get more hooks (I used up 100 very quickly) and some more wrenches are inbound from toolsdelivered too