I picked up this Kumihimo Braid Disk at Shepherd's Harvest this past May. It was an impulse buy, but it was only $5! I've been wanting to check these out for a while, and this was the cheapest way I had found. It is basically just an octagon with notches for the thread.
It came already threaded and I made this multicolored thread.
The main reason I wanted to try it out was because I haven't been pleased with the usual ties for baby booties (icord or traditional braid). I used both white and blue fingering weight yarn and came up with this sturdy, but elastic cord. I love it!