I've been wanting to make a little stitched pendant for a while, and yesterday during my crime spree I picked up a pocket watch-style pendant at my LNS. I already had a fox freebie in mind to stitch for it. These pendants are available in lots of styles at most craft stores, but I particularly liked this one because it looks like an old watch case, and also because it's a bit deeper than others I've seen. That prevents the stitching from being smooshed against the glass.
This little fox stitched up quickly. I used DMC and stitched him on 30 ct. 18th c. Stone linen (R&R Reproductions).
Stitchy Supervisor says it passes inspection.
I think these stitched pendants would make really cute, interesting gifts. They work up quickly and are inexpensive and they're a nice change from the usual finishing techniques. If you're willing and able to stitch over one thread, you could create even more elaborate gifts.