It doesn't fray, so you can cut it at will, and join pieces to make anything from throws to wallhangings to clothing.
My first adventures in felt involved a bunch of thrift store sweaters, and one donated one, accidentally partially felted already, and resulted in a supply of various colored felts.
Which yielded this bag
and this matching shoulder purse for cellphone or mp3 player or other newfangled invention
and this set of three bags, showing the "wrong" side of the fabric, which worked much better than the "right" side for the finished items.
I keep on discovering old unuseful sweaters around the house, and have plans to make a bed covering for HP's hospital bed, which is in the living room and needs to look like part of the furniture.