
 Yesterday, I saw this cool ornament posted on Shelli Gardner's blog (
www.soshelli.com) as well as on Jackie Topa's 
blog.  Jackie posted instructions that I used as a guide for my project.
Jackie's instructions call for 6 squares of DSP that are 4"each.  I made mine 3" each so I could use my Patterns Pack that is a level 1 hostess set.  My ornament is about 4 1/2" when open, and I think that is plenty large enough.
For the outer pieces, I used the center punched from a 2 1/2" square of Real Red textured cardstock using the scallop border punch. (I used this same technique 
here and 
here.)  I ended up trimming the points off the corners because they got in the way when the ornament was opened.

 Here is what it looks like when the ornament is closed.  I would use this as a tag, I guess, rather than a card since it's so small.  On both sides, I stamped the snowflake from Scandinavian Season in white craft ink onto shimmery white cardstock then embossed with Irridescent Ice EP and punched it out with the 1 1/4" square punch.
On Shelli's blog, she explained that the button holds the piece in place whether it's open or closed.

 Here are the 6 pieces of DSP after they are folded.  Jackie's directions are very easy to follow!

 Here is a close up of one piece.

 Here are all of the pieces adhered together before I added the ribbon and button.
Happy stamping!