I can't think of my shop without pegboard.
Kind of my thought, but why not both pegboard and tool chests/drawers? I think we're all a little OCD with tools in our own way and some may need to be on a wall in front of us, some get stored in a drawer. It's all how we personally use the tools I'd think.
Pegboard seems like a visual thing for me. I look at mine out here in the tackroom and it's just random stuff I couldn't stand just laying around. Gas/Water key, a demo hammer, short loop of yellow romex, random hand saws, couple Estwing hammers, and just stuff I can see and grab. I can't store these handsaws better than peg board without getting really fancy and overly complicated. However, I couldn't stand all the pipe wrenches on a couple hooks all in order. I'd go nuts if I have to pull 3 wrenches off to get the the one in the middle I use the most and would also look messy if they're out of order with that one up front...so those go into a drawer loosely. Work needs done around here when it tells you it needs done, not on my personal desires or plans. Grab and go.
I also think of specialized bench work, like if I only did alternator repairs and re-winding, that's when I'd have those things on a pegboard above the bench. Gunsmiths, small B&S engine repair, surface-level circuit board work; They all could use a well laid out pegboard behind a bench with a vise (nice to see some nice vises BTW).
A shop is a shop though; Garage is a DIY shop for many and a rolling toolbox set, a stationary drawer set under the bench, and pegboard all make sense in a dream world.
I do have to add that I have good pegboard and in the last 10 years the **** at the hardware stores are much more crummy and thin. Seems like it's cheap OSB with holes in it rather than that actual 1/4" thick brown stuff that you need a sailor bar fight to actually crack or break a hook out of. I'll never draw a silhouette on one again though...life changes, tools change.