As part of the embroidery course I'm doing (C&G Innovative Hand Embroidery), my latest piece of homework was to create examples of edgings. This is my favourite: it's called Shark's Teeth, although i think the repeating rows are more mountainlike.
Other edgings are (from left) some home-made bias binding, a different type of Shark's Teeth, and cording. They were all surprisingly easy, although (my ongoing gripe with this course syllabus) I wouldn't call them innovative. On the plus side, it does mean the spare room fabric mountain is v.slightly smaller now.