Check out this great list of 100 Examples of Extraordinary Paper Art over on Webdesigner Depot. Pictured above is a piece by Peter Callesen.
One of the artist mentioned is Jen Stark, whose work with colored paper I really dig. I got to see some of her work up close, when it was here in Chicago at Heaven Gallery.
Another artist mentioned is Brian Dettmer, who does great stuff with books. I got to see some of his work up close, when it was at the Hyde Park Art Center.