I've flown in Canada, Europe and the US using a Calton and have had no problem regarding overhead storage, even on one of those small "crop-dusters" between Minneapolis and Louisville. Except for Europe, the same applies to the Peg. I put both in a case cover, Colorado Case and Small Dog. Both the Peg and the Calton offer great protection except for the possible problem with the fact that the Calton places the headstock to close to the wall. Personally, I've had no problems with this but others have reported some. As far as weight, they feel about the same to me.
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