What a great discussion!
I have a ball of wonderful dusty red alpaca yarn that I can't bear to make into anything. Sisters I am with you. :D
I really love the process of doing things, although I gave up making those cool chic, French-looking patterns because I go mad knitting a whole sweater in stockinette stitch. But then, the few things I've actually made for myself I really like to wear, because nobody has anything just like them.
There is also that
"I can't believe you MADE that!"
My problem is that I use different knitting projects for different therapy. I have a sock I work on when I need to think as my hands work, and some other projects that require concentration (i.e., distraction from my problem). So I have little knitting stations all over my too-small house, waiting to poke unsuspecting visitors should they sit down too suddenly.
I really shouldn't knit during the school year but this is my last semester of college hooray. I can't believe it took me this long to find you all... I've never had enough knitting conversation before!