Well the honest answer is anything you want to make. However, it must remain within that person's budget. So buying some handspun, hand-dyed alpaca to make a sweater may be outside one's budget range.
So what can we make with a small amount of handspun yarn? Well there are lots of possibilities. You can make anything and just use the handspun for a couple of rows of the pattern to add a "highlight". There are great knit and crochet patterns specific for using Thick and Thin handspun yarn, and loads of patterns for lightweight yarns as well.
The Fun and Funky hat pattern by The Fancy Hooker, http://www.ravelry.com/patterns/library/fun-n-funky-hat , is one really great pattern that would allow you to use several different yarns, and not using even 1 hank of Handspun yarn in the project. The pattern could also be adapted for a small clutch purse.
There are so many patterns out there that allow one to use a fun yarn, instead of the same old yarn every day. So stretch a little, and try some yarn you have been dying to get your hands on. Create some magic. You won't regret it!!!
An example of my version of the Fun and Funky hat is below: