Felts are creative and fun hands-on learning for preschool - kindergarten. They can be made into story boards to go along with classic stories and popular children's books(language arts), and used for learning the alphabet, counting, shapes, weather, health, learning about community helpers, early math, spelling, early reading/phonics, you name it.
Brown Bear, Brown Bear What Do You See?
Polar Bear, Polar Bear What Do You Hear? Farm Theme
Five Green Shamrocks(counting)
Five Little Snowflakes(counting)
Alphabet Templates(I'd size these down)
More here with hints, tips, and directions.
Humpty Dumpty with wall
Felt board tutorial with templates
If you are lazy like me, you can order sets that match many of the books(found at the library) from the Before Five in a Row(homeschool reading list/curriculum for age 2 -4) on ebay. They are are some very crafty ladies selling these complete felt kits for a few dollars a set. I've also got a few counting and food sets, like the pizza pictured above. The sets I have are at least six years old, used when my son was in Preschool/Kindergarten. They seem to last well, but I did have to glue a few googly eyes back on from pieces in the shape set.
If anything, looking at the sets on ebay can give you ideas for making your own. If you bid/buy at ebay, click through Bigcrumbs.com for cash back.
I did make my own flannel board with a large piece of light blue felt wrapped around and stapled onto the back of a very heavy piece of corrugated cardboard. That has lasted at least six years as well. A good and frugal investment for our homeschool.