Yes, those are cool, apparently trendy now, but relatively expensive if you do bigger sections since it requires nicer straight wood (~$200 for 30 slats here). Most of the rest is basic lumber, and I reused most I had lying around.

Pegboards are pretty simple. You need the little space between the pegboard and the wall to be able to attach the hooks, so just two parallel horizontal slats to the wall, and attach the pegboard to those. I added the little trim around to give it a nice frame.