I just finished a group of Santas for some Facebook friends. One of them had posted a Pay It Forward 2011 status, wherein the first 5 replys would receive a handmade item, with the catch being that each of those people had to make 5 handmade items as well. I jumped on it, and it's been a fun project, even if it did take a year and a half to complete.
From an "improving the process" point of view, doing the same (or same-ish) project several times in a row was very valuable. I'm ready to try something different now, though.