Color Affection shawl, in some combination or other. I love laceweight. First of all you get the fabulous ratio of happy knitting time to dollars spent, and secondly it's just so versatile! Carry it double if tiny yarn freaks you out, and you have a pretty standard fingering weight, perfect for so many gorgeous shawlette patterns. I'm going to be releasing a pattern in the new year for doubled laceweight, but the prototype is a Christmas present, so I can't be any more forthcoming than that ;)
Happy knitting folks!