Been wanting to tackle this project for a few years. Picking up the new bike made me realize my garage wasn't pretty enough for the pretty bike, so 2 weeks ago a neighbor (cabinet maker and home renovation guy) and I attacked it.
Total time for demolition and renovation: 40hours
Total cost including labor: $3500 approx.
Materials used: Slatwall drywall, plywood, and Gorilla steel ceiling racks from from Home Depot. Vinyl interlocking tiles from Tuff Seal (https://www.tuffsealtile.com/), flat black countertop laminate sheets from some supplier he uses, pegs/hooks etc from Eddies (http://www.eddies.com/). Hooks are about 1/10th the price as Home Depot, and they come in various colors.
Worst: The freaking slatwall sheets are like 150lbs each and we had to rent a drywall hoist to lift them (partially) in place. Each sheet is about $45, and if I were to do it all over again, I'd probably get the nice finished/stained sheets which Eddies also carries. But, having the flexibility of moving stuff you hang around your garage is the business.
Best: The floor! Was tempted to go with RaceDeck, but I had something similar before in the garage, and didn't like the clack clack clack as you walk on them. The Tuff Seal tiles are a really high quality heavy (3 1/2 lbs each for a 20 inch square tile) and their interlock system is completely waterproof. But, they are very expensive. About $1600 all in for a 24'x15' garage (RaceDeck was about $1,000). Total weight of shipment was 600lbs. They shipped direct from Virginia to my door via UPS Freight in about a week and cost was only $165. No duty as tiles are made in the US, only a little HST. No way you can cut these tiles with a knife, and even brand new sheers took way too long. They recommend a table saw, but my skill saw worked like a charm.
http://www.garagejournal.com/ (Basically a garage porn site)
http://www.garageenvy.com/shop/ (More garage porn)
And a thank you to Wayne (Godspeed) for the inspiration and advice.