VERY excited I finally discovered how to set up a realistic velvet material of my own in Blender Cycles, and couldn't wait to share the results.  I used this freebie in the scene for the material I created.  Took me several hours to come up with a good velvet mateiral, and so I'm very happy I finally nailed it, and it's almost as good as the one in the Poser render I saw here!

One thing I'd like to say is THANKS for this freebie, it was definitely inspiring and fun to play around with, and helped me make my first real holiday Christmas render of the season here.  Totally put me in the holiday spirit! Click this to see the big, detailed version of the render in my gallery!  Please comment, as I'm really excited about the render, and would love to hear your thoughts on it!  I think I'm finally understanding the methods to achieving good materials in Cycles, and getting good results on my own, without having to use preset mateirals, or following material tutorials as much.