I'll jump in here with my $.02 worth -- I love to open gifts, so I like to have things individually wrapped, that's part of the fun!
I'm not sure about the 1 yard vs. FQ question tho. I myself prefer fat quarters since they have so many applications.
1) Do you like/want/need that dreaded pesky tool know as a seam ripper?
(more specifically the seem fix style with the eraser on the end) -- I have one or two of those and I love them!
2) Do you like/want/need micro tip Fiskar spring action scissors?
I have a pair of the larger ones, a smaller pair would be nice if they come in a smaller size that is!
3) Do you wear glasses? (I have been wearing glasses since I was 4 years old) - yep, but not for up close work like reading and sewing.
4) Do you like to cook/bake? That's a YEP too!