I have been loving EK Success' border/edger punches! I made the set of stationery above by cutting cardstock down to size and then punching out the "paper lace" border. Simple and elegant. I've been seeing border punches pop up at Michael's, JoAnn's and other craft stores. They're easy to use, but you do have to have patience as it can get tedious to punch out several pieces. Also, you have to apply firm pressure to punch, which may not be suitable for those who have wrist/elbow issues.
I made a set of large gift tags (or luggage tags) by cutting kraft paper down to size, punching a hole in the top, adding a hole reinforcement and finally punching the bottom edge out. A long process for a simple set of tags! But I think the final result is pretty sweet. I handmade those belly bands with my shop name and think they add a really professional touch to my packaging! Have I mentioned it before? I'm a sucker for good packaging! They're on sale in my Etsy shop here: http://www.etsy.com/shop/AlmondCrafts?section_id=10178134