How should I choose between a pegwall or slatwall as a tool storage solution?
This is just my preference/opinion on the subject.

Both types have their uses.  If you have space for more than a single board, I would advise a mixture with more peg boards then slat boards. If you only have space for a single board then I'd recommend a pegboard because I find them to be more versitile overall. 

The slats are good for hanging bins while the pegboard can be used to hang just about anything on it, depending on the type of pegs you buy.  

I have these metal boards.  They are rock solid feeling and I never have to worry about breaking them.  Relatively cheap too.  (I am not affiliated with this site, but have bought from them before).



I also have some old wood boards in my basement from the previous owner of the house but a lot of the holes are broken.  I doubt I will ever need to replace the metal boards.