I love to paper-pierce something on just about every card I make, in case you haven't noticed! :) I've been looking for a way to paper-pierce around circles, and I read about using these plastic canvas shapes as templates on Splitcoast. They work extremely well! I found a pack of 6 at Wal-Mart for $0.99. They also had square, star and heart shapes, but I only bought the circles. I have one for each member of the Creative Consortium (you know who you are), but if you're looking for a nifty piercing tool, I highly recommend it.
Here you can see a close up view of an embellishment I used the plastic canvas to pierce. I'll post a full picture of this card later today or tomorrow.