Here's another necklace I made recently, inspired by this one from Anthropologie:
I thought it was kind of whimsical, and something I could definitely pull together very inexpensively with all the scraps from my felt flower mania.
Using one of the circles as a base, fold a circle and glue half of it to the base; repeat on the other side of the base with another folded circle, leaving a small channel between them. With the last two circles, put a very thin line of glue down the center so they hold their fold but still fan out a bit. After placing the chain between the circles that are glued to the base, glue the two folded circles on top.
Add a bead on either side and repeat with the other felt colors. Finish with another bead on either end, cut the chain to desired length, and add jump ring/clasp.
(I think the original has a spherical fan of felt. I decided to go with a flat back so it lays nicely, but it would be easy to add 4 more circles to the back to make it into more of a ball....)