Damn, some of you guys...
I've got a 32x40 shop; 12-foot walls. I have white-faced peg board from Home Depot and the local hardware store on every wall, from the top plate, down 8 feet. At 8 feet, there is a chair rail, and then corrugated steel siding to the bottom.
I have fiberglass insulation with paper backing in all the walls from floor to ceiling, and the pegboard is screwed directly to the studs using deck screws in the peg holes, and butts up directly against the insulation's paper.
I have hundreds of pegs in the board, and move them frequently. I have not poked a hole in the insulation, torn the insulation or damaged it in any way. Look at how peg board hooks go in--someone please explain to me how they are going to rip up the insulation?? They bottom out at the curve... then you move the hook in a downward motion, and the curved tail slides up behind the pegboard... the hooks protrude MAYBE 1/8 to 1/4 inch behind the pegboard as they are moving into place. If you've ever hung your own insulation, you know there is plenty of give.
As for the opinion that insulating is a waste of time if the shop isn't heated or cooled, I can tell you that's bull too. It'll keep the interior from getting roasting hot in the summer from the sun. It usually cools down at night, and the inside of the shop or shed will cool off.
If you do decide to run a small heater in the winter, it'll help a little heat go a lot farther.
Finally, as to a suggestion on hanging bikes or whatever--How heavy are the bicycles? I've got some fairly heavy things hung by peg board... cast aluminum intake manifolds are probably the heaviest that come to mind right now. Put the hooks next to studs, and it helps. If you're trying to hang something and you're really worried about it, figure out where you're going to put it, and drill holes in the studs and sink a couple heavier bolts or screw-in hooks in it, just like you would do with a sheet rocked wall.
-Brad