I have piles and piles of bottle caps. I drink certain drinks because they have really great bottle caps (Izze Sparkling Flavored Water, to name one). If it twists and it is a cap, it is a keeper! I don't like the ones you need a bottle opener for, it ruins the shape!
Here are a few of the projects I have used recycled bottle caps for:
(decoupaged and embellished little buggies from bottle caps)
(painted bottle caps!)
(decoupage bottle caps with sticker letters)
(bottle caps with decoupaged flower photos)