I see a couple of things. The very first thing that caught my eye was the board on the front edge of the bench to hold bits, etc. That would last about 10 minutes on one of my benches. If you haven't already, you're going to be putting something on the bench, and it's going to hit and break one of the bits. Or you will drag one of our prized, finished projects across one, and damage the fine finish job on it. More importantly, you are going to rip your arm open when you reach across the bits, and hit one. If you like the idea of having the board for bit storage, take it off the front, and move it to the top of the bench, and back against the wall.
The next thing I see is the pegboard behind the bench. Pegboard is a great storage option. But it appears to me, that your's needs a little bit of organization. Take everything off. Lay ONLY the tools and items that you use most often on top of you bench, and then hang ONLY THOSE items on the pegboard in some kind of orderly manner. Once you have them where you want them, draw around each item with a marker. That will tell you at a glance, if something is not in it's proper place. Then take the items that are left over, and store them in plastic totes in that big open space under your bench. Write the contents of the totes on the outside with a marker.
Another idea for the space under your bench is to go to yard sales, Habitat for Humanity or some other place, and get some cheap, cheap, cheap cabinets, and slide them in there. All of the benches in my shop have reclaimed kitchen cabinets under them. And not one of them cost me a penny. I merely posted on my Facebook page that if anyone was doing a kitchen remodel, to let me know, and I would take the old cabinets off their hands. No, they don't all match. And yes, I had to repair some of them. But I have lots of storage space, and my work space is clean and clutter free.
I agree with the others who say to get rid of the walk board in front of your bench. It is a safety hazard, and difficult to clean around and under.
Finally...Organize! To be very blunt, your bench and work space is very messy and cluttered. This would drive me nuts. Not to mention, it is unsafe. One thing in particular, is the all of the electrical cords laying around under your feet. Walking on them will, over time, damage them, and could cause you to get an electrical shock. Plus, they are a constant tripping hazard.
Please don't take this post as anything other than constructive criticism. I've been there and done that. If you are new to the hobby, you will learn more each day as to what works for you. You'll move things around a hundred times before you get them where you want them.
Good luck and have fun.