Jen asked how to make the felted balls. First you order some gorgeous wool roving from somewhere like Outback Fibers. Roll up little balls of roving adding thin layers of diffferent colors you like to the outside. Be sure to spread the fibers out into very thin layers crossing each at 90 degrees. Sometimes I use small balls of left over wool yarn for the centers under the roving. Put the ball into a section of pantyhose tying a knot on each side of the ball. Make a bunch and toss them in the washing machine with a little detergent and set the machine to the smallest load setting with hot water, and wash. Carefully peel back the pantyhose from the felted ball, the fibers migrate through the pantyhose pilling onto the outside during washing. If you have a front loading washer you can also do this by hand, see instructions here. I have heard front loading washers don't felt well.
Then embellish with all those beads you have been collecting over the years. Use good strong beading thread like Silamide.