Since I'm a relatively new knitter, there's a lot of things I don't know how to do yet. What I've found that if I make something that teaches me a new technique, I get a finished product AND learn a new skill at the same time.
This is the reason that I am partial to dishcloths. They are relatively simple, require a relatively cheap form of yarn (cotton), and dischcloths are knit up quickly with minimal effort.
Currently, I am learning to do two different things on my dishcloth:
1) I am "testing" a chart of a design I created. I think it'll work, but it might need a bit of tweaking..
2) Steeking. I've heard a lot about it, and I *like* doing things in the round (I detest miles of purling as I have learned as I am currently knitting a cardigan "flat" and it seems to be taking forever!)
I originally learned of it, by listening to the Stitch It! Podcast when I first starting to knit. I was curious about it, but felt that I should probably learn the basics first. Now, it's time. :-)
So, I cast on the dishcloth in the round with a 3-border stitch using some generic cotton yarn I picked up at Joann's with a coupon. I'm about halfway through the discloth -- which is my sitting at the computer knitting because it's pretty brainless -- and I'm looking forward to steeking it!
I've found a good website on steeking, which I'll be making use of later: Eunny Knits on Steeking.
Oh, and after doing a bunch of Google searches, including a browse through Ravelry's Stitch It Podcast forums, the website is the one most often referred to when it comes to steeking.