Creating wrap around has been a very common design trends within the last year or two, and while it's used very commonly, it's also a nice technique that creates depth in design for a nice visual effect, and can also help bring attention easily to any areas that need it
These ribbons can often be used for headlines, blog dates, featured items, or just anything else that really needs to stand out, such as a call-to-action design element (Sign up, Contact, etc.). Just looking through the showcase mentioned above, or through others like it, can give you an idea of where they are commonly used, and some great places they belong. In other circumstances, some designers use wrap arounds to create depth and separation between full site elements.
For example (above), a footer may separate itself from the above sections on a page by acting as a complete wrap around itself, wrapping around a content layer. Above links to a tutorial that's great for softer, or rounded, wrap around. Likewise, WebDesignTUTS has another great tutorial on the more common "folded" wrap around look: Create a 3D Ribbon Wrap-Around Effect (Plus a Free PSD!).
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