Catherine and I made a few of these chenille hot pads last week. They're based on a similar (yet better constructed) hot pad that her mom received for Christmas from a sewing friend.
To make similar hot pads you'll need 5 - 1/4 yard pieces of flannel and one 1/4 yard piece of Insulbrite or a Teflon batting, plus one additional 1/4 yard piece of fabric for the binding. You'll be able to make four hot pads with this material (starting with 7" x 7" cut squares). To layer your fabric before sewing you'll need to place one square face down, one square of Insulbrite on top and then 4 layers of flannel face up. Quilt the fabric diagonally at 1/2" intervals. Then cut the top three layers between the sewn lines. Attach the binding and then wash the hot pad so that the unfinished edges fray. Here's a great site that shows directions for making a chenille blanket that are much more clear than these instructions.
These were not as easy to make as we first thought. I though we could whip these out in an hour, but after 3-4+ hours of agony they are finished (note that I'm not showing the back as the binding definitely did not turn out pretty)
Now that I'm crafting for the kitchen I want to try making some of the mitten hot pad patterns from Denyse Schmidt Quilts and Simple Sewing by Lotta Jansdotter.