One of my many plans involved in moving into my new very small space is using a peg board or two for storage.
Mostly I plan to put one next to my work desk so that I can store a good number of tools on it. Also it will be painted turquoise.
Another use that never occurred to me: over a desk you can store a calendar, clock, piece of art or even a little shelf.
Another awesome idea is to use these in your close to help store and organize accessories. The possibilities are endless :)
credit (2 photos above)