Is that sort of the same fabric called Oly*Fun made by Fairfield? I got some last week to make a car flag for my car (I was transporting some 6th grade girls to and from church during a weekend retreat) so they could find my car in the parking lot. It was like working with medium weight interfacing. No fray, no raveling, not much give but I can see a lot of uses. At the Fairfield website they have some patterns and suggestions.
http://oly-fun.com/