I love this beautiful color wheel wreath made by Denise of dSharp. A bit late for Christmas but I think this would be lovely in any seasonal color scheme.
I recently did this to a wooden bangle bracelet that I picked up at a thrift store. I wrapped various colors of embroidery thread around it at different lengths. It made a really cool statement piece! I'm also thinking about doing it to some dull napkin rings. (It's a great quiet time waster when your awake in the middle of the night for a few hours while the rest of the house is sound asleep and your house is an open floor plan. )