I stressed over the same choices. I finally went with plastic pegboard. You can order it in various sizes and kit configurations and colors. It went up pretty easily. I got white and it came with all the hooks and whatnot. Here is the website (I think) I used
http://wallpegstore.com/. You can buy individually or in kits. No frame needed, standard hooks fit etc. Maybe I can figure out how to post a picture.