Why not a shelf with hooks below it attached to the underside? You'd have the best of both worlds.

I have a wall with hooks. It doesn't look like something out of a magazine (stuff hung to enhance the "look") but I do insist it stay tidy. If it starts to look messy I clear it out.

To accommodate changes in the future, I'd line the space with peg board. There are a variety of hooks that you can use on peg board and it's easy to move them around. So you could have hooks down low for little people to use and move them around as the kids grow and the sports they do change. The right hook for a bike helmet probably won't work for a baseball bat or lacrosse stick or basketball.

I think any storage area that is out in the open will need some regular tidying to stay looking neat. On the plus side, the easier storage is to use, the more the kids are likely to use it.

I was going to suggest pegboard as well. If you go on Martha Stewart's site and search, you'll find a number of organizing projects she does w/ pegboard.