With the Holiday Home Tour (sebastopolholidayhometour.com) taking up a huge chunck of my time, its always fun to have the kids do some ornaments that we decorate school with and then they take them home. In 2013 I did several:
Angels made from popsicle sticks and music note wings, which became an instant classic.
Wreaths that act as photo frames, made from yarn and pipe cleaners wrapped around a drapery ring.
Handprint reindeer. There are so many great holiday crafts made from handprints!