I, personally, am not a fan of peg boards but love my bulletin boards. I have two that are 36" x 30", I think.
I have lots of natural light (sunshine) in my sewing room and live on a gravel road. I like to have the windows open. All that is to say, I am still looking to find the right cabinet for thread. I don't like it to be exposed.
I really wish I had a larger cutting table and I would definitely make it taller so that I didn't have to bend over.
When son number three finishes college and moves out on his own, I am going to take his room that is twice the size of the room I am in now. I think a lot about what I am GOING to do someday.