Matthias Wandel of Woodgears.ca shows us his wall of tools that are hanging from custom wood mounts he made. With this setup he can easily see and reach the tools he needs and also know which tools are missing.
The video below goes into more detail with how he built the mounts and why he prefers them to French cleats. He uses little more than a bandsaw and drill with a forstner bit to make the mounts. They are all shaped to fit the exact tool they are intended to hold and the mounts are attached directly to a sheet of plywood.
Unlike French cleats, these mounts aren't easy to move around, but it's a much more elegant solution. He shows off more of the process in the part 2 video below.
Not a French cleat system for holding tools [Matthias Wandel]