I know you've got one of those sweaters -- you've had it for years, you've hand-stitched the little tears that come with loving and wearing the crap out of it. You're not planning on giving it up any time soon.
I have one too. It's a cardigan from the Gap that my mom and sister picked out for me for Christmas like six years ago. It's old and honestly, a little tired. The other day I noticed that the elbows were looking a little see-through, and rather than rationally part with the cardigan, I decided to patch them...and probably just wear the sweater around the house from now on.
I used a heart-shaped cookie cutter to trace the hearts on a piece of pink felt (that way I could be sure they'd be the same). I put the cardigan on and my friend Katy pinned the hearts where my elbows were. Then I took it off and stitched the hearts on with yellow embroidery thread.