Here are the manuals that you'll want when you decide to install MorphOS or other OSs. They're in PDF format.
http://thepegasosbook.wikipeg.org/The instructions to boot from CD-ROM were are bit different than described in the manuals but I think it was because my PegII had the latest revision of OpenFirmware. I had to use the following command line to boot from CD:
boot cd1:boot.img
The instructions are probably just fine for earlier Pegs.
Version 1.4.5 is the latest version of MOS for consumption. Version 1.5 is in the works and will add a a native TCP/IP stack and other improvements as well as support for the EFIKA.