Here's something I wanted to share with everyone. I first saw this on Becca's web site (http://www.amazingpapergrace.com/) a couple months ago. Then I saw them at the Scrapbook Expo and also they started popping up on other blogs, too................I reverted back to Becca's site (see her posting on 3/16/2011 and also on 2/15/2011 Becca bit: Peg Bows). I love how she was able to easily make one of these out of scrap wood and WOW - they sure make a fabulous bow. Check Becca's site - she has a video using this peg method. This particular one measures: 5-1/4" x 3-1/4". The pegs are 3/8" and the holes are slightly bigger. The first four holes (from right to left) are 1" apart. The last hole is 1-1/2" apart. 
The organdy bow on the pegs will finish 1" wide.
The finished bow:
There are probably other bow makers out there available - I like this one since it is by far, the most economical! Thank goodness for having a man around the house to make something that is really a 10 minute project.