Christmas tree decoration ...

http://crafttutorials.wordpress.com/2007/12/05/paper-globe-ornaments/

These ones are beautiful too ...

http://livelifecreateart.blogspot.com/

- using either a plain circle punch or a scalloped circle punch and some Bazzill dots cardstock looks good too.

I can imagine using Cuttlebug embossed cardstock in several colours too!