I have 12-foot walls in the shop, and did 4x8 sheets of plywood from ceiling-down. From 4-feet above the floor to the ground, I did corrugated metal siding.
I have some tools on the walls, rulers and measuring stuff in one area, my bead roller dies on a wall, and a bunch of parts that would otherwise be taking up shelf space.
I also have a bunch of signs and stuff, so has a man-cave feel to it.
Here's what I like about it: In one spot I have all my extension cords neatly coiled and on a peg.
My horizontal bandsaw is parked against the wall... behind it, I have pegs with two deadman roller stands (to support long stock while being cut), another peg holding an extra blade, and another peg holding the table attachment to use it vertically.
I have a Craftsman trouble light on a reel, and next to it, I have a spare bulb in the package.
Over by the drill press, I have a lot of my drill press accessories on hooks behind the drill press.
While I was setting up the shop, the pegboard allowed me flexibility to fine-tune locations of tools, accessories, etc.
It's cheaper and MUCH faster than sheetrock, too.
Tip that a lot of people don't get: use 1.25-inch deck screws, and put them thru the holes in the board, don't drill new holes. The heads counter-sink, and hold the pegboard firmly.
As for hooks, the "good" ones have the "setting" peg slightly oversized, so they are a press fit into the holes. I use an old piston wrist pin slipped over the hook to leverage it into the hole.
Your mileage may vary.
-Brad
