I prefer to do counted-stitch embroidery, in contrast to the more modern style in which designs are pre-printed on the fabric or in which the stitched areas are outlined by running-stitch borders.
My mother used to do a great deal of reproduction embroidery, mostly samplers. (Here are some pictures of her work.) I enjoy working patterns more than letters, generally, and I am interested in historical periods earlier than the colonial period.
Embroidery is certainly the most cost-effective craft I pursue. The only supplies required are needle, thread, fabric, and a hoop; and large projects can take years to finish.