Pegboard can be a blessing when you have limited space and lots of small, hangable tools. Put up a few pieces of pegboard, hang a batch of your tools and your shop begins to look better without that much effort. Organize your bigger machines in a fashion typical of how you use them and you will be more functional. I use a radial arm saw more than a table saw so, it made sense for my jointer to be next to it. The jointer is lower than the radial saw's table causing no interference and it resides in what would be dead space otherwise. Everything other than the lathe and the jointer are on wheels and I can roll out whatever tool I need to use. The rolling carts were shop built from odd bits and pieces leaving a hodge-podge of mismatched carts that function very well, even without designer style status. My real objective was to be able to roll everything out of the way and have an open space suitable for assembly and actual room to work. Workspace in a small shop is at a premium and one way to maximize it is, rolling carts for your machines. Positioning a lathe flat against the wall isn't the best idea, a better choice would be 45 or 90 degrees from the wall to allow more room to work with it and around it. I can't sacrifice the additional space for that so, my next revision will see the lathe mounted on a workbench surface that will have the added advantage of being bolted to the wall of the house. Instant stabilty! The worksurface behind the lathe will have a built in dust collector and will keep the chips from making their way to the floor, behind the lathe. It doesn't matter how many shops you look at or how many times you redo your own, there will always be room for improvement. The real trick is to find the layout that works best for YOU, in the space that you have. I'm not there yet but, I'm closer than I was.
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BudgetWoodwork 
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