There are different kinds of velvet -
Rayon velvet - I haven't done enough with it to give a really informative answer - some of it crushes easily and is very heat sensitive
Cotton velvet - also known as velveteen - it handles a lot like cotton corduroy
Upholstery velvet - like mom-6 mentioned -
I think all velvets are 'directional' - the same piece will look like different shades of the color when the directions are different (nice when intentional - not so great when it was an 'oops')