In the past few apartments we've had, we used this nifty hanging rack that John made to organize our pots and pans. Upon moving to Boston, we realized there just wasn't the "right spot" for it to hang, and we also had WAY too much kitchen stuff and WAY to little storage (3 drawers, just a few cabinets). So we have been scaling down our kitchen appliances and electronics to only the essential (so long, rice cooker! I had to figure out how to survive/make rice without you!) and also come up with the organization solutions to make up for the lack of space.
To help solve some of our kitchen storage issues, I decided to hang a pegboard. I roughly used these instructions, but pre-measured and had everything cut to scale at home depot. Since this photo was taken, I have added more large baskets, as well as a paper towel rod which I love.
Like all overly ambitious projects I do, I did this while John was out of town for work. I invited the sister missionaries over for dinner, then they got an hour of service in heping me get it hung up and a few boxes unpacked. We then went out on splits, which is another story for another day! I really loved working with the sister missionaries here.
If you are considering something like this, all I can say is JUST DO IT! I love it, and think I will be definitely implementing in future kitchens. It is so handy when cooking, and also makes putting away very easy. One day, I may paint the peg board a different color, but I was in such a rush to get it up (and get my stuff put away!) that I didn't finish it.