Digital cable, VCR/DVD, DSL hook-up, etc.
Don't put in carpet. Pick a nice, but goofy color for the floor (see below). You want contrast when you experience "tweezer launch" so you can (might) be able to find the missing part. Put in a hard floor and you can sweep (vacuums are evil to modelers).
Make your work surface a color you never find in modeling. Don't make it white, grey or any shade of green. Likewise with the floor, if you can keep it cheap. If you are really tight for cash, white will work.
Get a piece of tempered glass for your building surface.
Use a mix of lights: incandescent and flourescent -- if you find it in your budget, get an OttLight (true color revealed).
I'll disagree with Salt about the pegboard -- don't mess with it unless you do a side panel. You're better off (IMHO) with a bunch of small, marked parts drawers, like you find in the hardware dept. of the local discount store. They sell drawer sets that stack, hang on the wall, have different sized drawers, etc. Also, try to scrounge some old cabinets from someone who is redecorating their kitchen
My two cents' worth