knitting: tapestry?

I can't remember where I found this in the blogworld, but I am always looking for new and interesting things to knit, as it seems a little silly to make something that I could just as easily buy for a fraction of the cost of making it myself. I like the idea of knitting as art, and this concept would easily work for a blanket misgauged, or perhaps a circa-2003 poncho that was really cool at the time of completion (I swear!).