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Peg boards are great for storing sewing tools. Sewing tools such as scissors, rotary cutters, tape measures, point turners, and lint rollers can be hung up. The more things that can be hung on the wall, the less you have taking up your work surfaces.
Pegboards are very handy. You can also drill a hole in things that don't already have holes (ex. seam ripper handle or point turner) so they can be hung on the pegboard as well.
Pegboards are ok if there aren't any young children or grandchildren around. If there are, consider closing the door to your sewing room, and put a lock on it or put a hook and circle screwed into the frame and the door high enough so that little ones cannot climb a chair and get to it to open the door.