I too have the framed painted peg board and love it. My DH just used narrow scraps on the back to get some spacing for the hooks and it worked great.
On the upper right side of mine, I have a pocketed shoe caddy hanging that I can keep all kinds of things in. I just used the peg hooks to hang it from.
I also hang some attractive containers on my pegboard for storing things in, not just using the hooks and flat surface.
I have half pails with flat backs, pretty bags, and all kinds of things that increase my storage options and space.