I like the French cleats but I'm (undfortunately) not that neat. I've got too much junk.
I REALLY like the look of slat wall but in researching it for my garage I found there are (at least) two types. Both are particle board or OSB with the grooves routed into them. BUT, there is a kind with an aluminum reinforcement in each groove that makes the possibility of overloading/tear-out much less likely and it was waay too expensive for my budget.
For that reason, I ended up completing the installation of pegboard that the prior owner had partially done. Gave the whole thing a new coat of paint and it looks good. Home Depot and Lowe's have the pre-finished white pegboard with the larger diameter holes for heavier hooks. I used some of that too.