When I don't have a heavy duty project for the garage, I enjoy working at my workbench in the basement, tucked into the corner of our utility room. This space works wonderfully for many small projects... building/soldering electronics, repairing toys & gadgets, making homemade wine, and enjoying the occasional beverage from the fridge.
Portions (life the pegboard) are organized, and others are not. When I'm not doing a project in my workspace, improving the workspace itself becomes the ongoing project.
Here are a few photos of my setup, hopefully they can give you ideas for your own workspace!