Actually, I purchased my pegboard already white. They have it at Home Depot and Lowes. One of them sells 4 ft x 4 ft the other one 4 ft x 8 ft.
I think I bought the 4 x 8 because I was at that store and then had them cut it down to 4 x 4s.
I never, ever thought of 'decorating them'. What a super idea!