I'm not a pegboard fan.
Originally all the shop owned tools were on pegboard with outlines so you knew what went where. Seemed like a good idea, you knew the tool was there at a glance, it was easy to grab a tool, but for reasons I can't explain, I really dislike trying to hang the tool back up on the pegboard. I'd rather open and close one of my toolbox drawers ten times than try to stick a nailgun back onto its pegboard hooks.
At some point a service manager got onto some kick about securtity, tool loss and damage, so he had a cabinet built for all the shop tools. Each tool had its own place either on its own shelf or between partitions of a shared shelf. I simply found it far easier to place a tool in its place on a shelf in a cabinet than on a pegboard.
Maybe if the "pegs" were something more solid, something that wasn't always trying to move around, stab me, or catch on my clothes. Maybe if they were not hooks at the ends so a tool came off without catching on it. Maybe if you had enough pegboard that tools had a huge amount of space between them so removing one doesn't harbour a danger of knocking another tool off.
These days my new workplace does have a lot of pegboard, but the only tools that are really stored there are C-clamps and grinding disks. Other than that they're covered with hoses, extension cords, wire, tubing and other misc. shop suplies. I'm much happier with all the tools in tool boxes, and the corded tools and large air tools that take too much tool box real estate are on a shelf under the workbench.
My home garage doesn't have the floorspace for a tool box, my tool box will be in the workshop out back, but a certain amount of everyday items will need to be in the garage. I'm undecided so far, but I think it may be a compromise of steel pegboard in a cabinet. It kills me to think about using pegboard on purpose, but its a good sollution when you don't have space for a toolbox