Or how about this pretty heart or star? They're made from felt, ribbon and a few stitches. Instructions at Bugs and Fishes.
Another heart (knitted). These instructions aren't exactly the same, but they're very close.
And this one is from paper. The original instructions at House Revivals used book pages (which ended up looking a lot more awesome than it sounds), but as you can see, you can make modifications.
I'm still decorating, so maybe I'll have a new ornament or two this year.