I don't like pegboard except in limited circumstances. Generally, it's all about managing density and ease of access. Pegboard, because it takes up wall space and only offers 1-layer of storage, is just too wasteful to use in quantity.
e.g. compare how many tools you can mount to a section of wall 52" wide x 65" tall... now compare that to a tool chest that's 52" x 65" and at least 18" deep.
It's easy to take up a bunch of space with pegboard and not actually store that much stuff. That's not totally fair of course, because you need countertop space somewhere in your work area - and putting tools on pegboard above that can make sense.
My caution though, is do not overuse it. It's easy to run out of wall space in a work area, leaving your storage capacity "full" or forcing you to move stuff to the center of the room. I don't like things out in the open at all. I would rather be able to use that for projects and not trip over things.
If you're using pegboard, perhaps consider confining it to the space above countertops - and then also put cupboards or shelves above it. I would rather have open wall space for future storage than a work area where all the walls were full but only 1-layer deep. Also, try to store only tools you use a lot there - that's pegboard's advantage. You can see what's there and access it fast.