I have three circle punches. One is 2.5", one is 1.5", and the last one is 1/2". I use them often. And just as often, I wish I had a 3", a 2" and a 1". I'd definitely be willing to devote the storage space to those, especially since I'm no longer hanging onto things like the little (never)-used cow punch.
Technically, I have a few more circle punches. My Crop-a-Dile punches 1/8" and 3/16". My desktop 3-hole punch is 5/16" and my single hole-punch is 1/4".
Here is a card I made from the scraps from my latest layout.
From Flamingo Scraps: Fancy Pants patterned paper
Other: Ranger ink, Colorbox ink, Penny Black stamp, Rubber Stampede stamp
I used my 1/2" circle punch once and my 1/4" hole punch numerous times. How many can you count?
Answer: I used the 1/4" inch hole punch 26 times! Now that is a versatile punch!
I love how easy it is to get such different looks from a single tool. I'm sure I didn't even scratch the surface of how a single hole punch can be used on a card.