Lots and lots of things. Tote bags are great - here in Wales you now have to pay for carrier bags so last Christmas I picked up some nice FQs and made some lovely festive totes. I often make these as a gift for people anyway - different fabrics at different times of the year are fun to do and very easy. Other small fabric gifts are drawstring bags for shoes or laundry, tissue holders, lavender squares, make up bags with zips, small coin purses, bookmarks, notebook covers, the list is endless.
Do a quick google on home made hand sewn christmas presents and you'll be amazed at the lovely things you can make. Drawstring bags are very, very easy and they make a nice way to wrap a gift too, and in effect make the present go further.
This Christmas I'm planning on doing some tote bags with make up purses and coin purses inside and I usually have some pretty appliqued drawstring bags made up in case I need an emergency present - pair up with some nice toiletries and you've got a smashing gift.
I like the Moda Bakeshop for inspiration and the Sew Mama Sew website but there's a plethora of websites and blogs out there now.
And i haven't even started on cushions or quilts or wall hangings! Or what about a peg bag, a tea cosy, an oven glove (you can get that silver heat resistant interlining to put in)..... Small coasters, table runners, place mats, napkins, Christmas stockings, oh dear I'd better stop. 