Here's a quick picture of what I've been working on this weekend.
I volunteered to make a few wine totes and some reversible napkins for a silent auction as part of a Triangle Modern Quilt Guild charity project. I used Kate's tutorial for the wine totes and I pretty much follow FITF's reversible napkin tutorial, except I cut my fabric pieces to 17.5" square (to bust stash more efficiently), and I usually omit the rick rack.
These are two of my favorite "perennial projects to have on hand." You can use the wine tote for fancy bottles of olive oil or vinegar for your non-drinking friends. The napkins can be easily personalized with a monogram (or maybe some hexagons?), and they make perfect housewarming or hostess gifts.