I agree with your 1st choice as to what is an UFO. I have a couple shelves I keep for future projects which could change by means of which pattern I'll use, fabric choices, etc. If I've started a project by means of cutting into the fabrics then I call that a UFO if its been pushed aside. I'm trying to finish all my UFOs to the point of hanging them up on the rod for quilting, then I don't really classify them as UFOs any longer though they're still not finished. Just finished 3 quilts this week and should have another one finished today if all goes well. Then that leaves me only 4 more to go, all large than life quilts too.