A wreath made of balls of yarn by Two Junk Chix is featured in the current issue of Ladies Home Journal. The original post on how to make the wreath is here. The updated post with some new ideas is here. Either way, this is a fun crafty blog that might give you some ideas of how to use those high-quality scraps that you know you just won't throw out.
(Thank you to Jolie's Mom for the link!)