Looking for something quick and cheap yet high-quality to make for your co-workers, aquaintances or childrens' teachers? Here's an idea!
Why not make them a nice face cloth and give them a cake of handmade soap? I got the idea from Knit It! and thought it was a great way to make something personal yet inexpensive. (Lily Sugar and Cream is approximately $1.00-1.50, handmilled soap is $2-4, depending on what level of quality/style you want, and a dishcloth takes just a couple of hours)
For example, while looking for dishcloth patterns to make washcloths for a friend of mine i came across this site (scroll down to the pattern named "Kay"). That one is rather nice!
But you could also do any number of specialized patterns. RachelG's site has LOADS!