A few weeks back I was flipping through Pottery Barn's holiday catalog and came across some very simple, beautiful initial ornaments (can't seem to locate them online). What can be easier than rubbing on a single letter or two and calling it good? I used a combination of rub ons from Fontwerks and letter stickers from American Crafts and will use a little piece of ribbon to add them to our tree.
These plain glass ornaments can be picked up at any craft store and they come in a variety of sizes. There are all kinds of cool things you can do with them other than just doing a rub on + letter sticker on the outside. I loved these ones and these ones (quilled paper rolls - also a great use for any extra ribbon) and these too that I saw during a quick search for "ornaments" in the gallery on Two Peas.
These make great little gifts.
And I also wanted to let you know that Creating Keepsakes is having a big sale starting this Friday, November 23 with up to 65% off of books, special issues, and other products.