I know I said I'm not a fan of felt, but this has actually been hanging out in my "I should do this..." project queue for a while. It would be really cute draped on a tree, around garland, or pretty much anywhere! Also, it looks REALLY easy... check it out here.
Speaking of trees... when I was a baby, I LOVED pulling ornaments off the tree. I'd imagine that's a situation a lot of new parents face. You can't really just have a naked tree, but at the same time you don't want broken ornaments and broken babies. My parents solved this problem by making a bunch of red bows and putting those on tree instead (and we still put some on their tree every year). I think that this is a great addition to that - a pretty felt garland with some bows. It'd make a really festive tree without anything fragile (also really, really low maintance... decorating and undecorating would take two minutes!).