Not that I've done it yet, but if I get around to making some handmade gifts (in addition to jams, soaps, and salsas already made), it will be these:
--little knitted toys from Knitted Toybox.
-- the wool stockings in this month's ReadyMade (just repurposed wool sweaters/blankets, cut out and sewn together).
--sewn bird ornaments from PurlBee. They have knitted ones too, but I think the sewn ones are cuter.
If I actually do any of these, I'll post pictures!
Any other great ideas?