My new "gift item" this Christmas was stockings made from felted thrift store sweaters. These are fun, quick to make, and I think they'll be wonderful family heirlooms.
I made this one for my son, who loves anything black:
This one was for my daughter:
Here's the one I made for my daughter's boyfriend:
And here's my mom's:
And finally my dad's (this one is a little different on the front and back):
Everyone seemed to enjoy them. Next year, I'm making one each for myself and my hubby!