I bought my house already built. I am a huge fan of recessed lighting. My electrician came in and installed about 20 lights in the first floor. I had to patch the notches and re-paint but it was worth all the hard work, time and mess. So don't count your ability to get things in to the first floor ceiling!
p.s. Pegboard Just kidding...
Hehe...well, I said "reasonably", which means no damage. If you start talking opening up drywall, then everything is easy!
One of the things I'm happiest about is that our walls will have no texturing. Our last house had "hock and trowel", which is supposedly fancy, but just meant that any repairs to the drywall would then require a texturing expert to come in and make it match again. With no texturing, you'd just put the drywall patch in, mud it, sand it, and paint, and it's good as new! That's comforting.
I don't know about pegboard....but someone mentioned skipping drywall and just going MDF instead. That's an interesting idea, because once it's painted, would I really even know? And MDF would support things directly, as opposed to sheetrock which would require anchors. We'll see...I'd be happy if I can just figure out how to create a wall with a doorway and put it up in the basement...even that would be a huge first step.