I know it's early on to talk about wreaths but I was quite taken with this one from Recovergirl. Her wreath is made from circles of felt scraps and she uses a long piece of sweater ribbing from the waist of a red sweater to make the bow.
Felted Sweater Blanket
She also made a gorgeous blanket from (I assume, because she doesn't actually mention the materials - I'm going by her title) felted sweaters. I've seen blankets made from squares of old tweed jackets and also from old silk ties but this one I would imagine would be really cosy on a cold winter night.
Felted Sweater Stuffed Animals
Our lady Martha has a number of projects using felted sweaters. Her stuffed animals project is lovely and instructions include how to felt an old sweater (I always assumed you just washed an old wool sweater at the hottest setting).
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