I don't like open shelves in a kitchen, everything gets greasy in them and then the dust sticks to everything meaning it takes
soap and
water to dust! To me they always look untidy especially in a small space (I loath clutter). We have a mixture there's some open space directly above the cooker which I use for cooking sauces, and some over on the other side that is used for the daily use crockery, but there's also lots of cupboards.
Peg boards can hold awkward items that refuse to stack in the cupboard nicely, but they only really look nice if you have nice saucepans/utensils if you have the mishmash of second hand and inherited stuff I have it looks pretty bad.