I leave approx 1/2 inch of the fabric showing & have made some great quilts, tote bags, mug rugs, etc, etc. Anything you can make with a piece of fabric you can make with the selvages & the finished articles are striking. I get many requests for them. I've seen garments that are cute but haven't done that myself.
There are a couple of books about using the selvages & much information on the Internet if you google Sewing with selvages.
It is light hearted & fun, getting enough selvages is very fast if you do a lot of sewing, sometimes friends give me their selvages.