I've got armrests in my new seats with 'change holders', but this is a simple, professional way to make your own: http://jr.stangnet.com/center.htm If you don't like using Q-Tips, you should see how he melts the wax out of his ears! Holy Hanna! http://jr.stangnet.com/amp.htm
Flocking consoles and gloveboxes DIY This guy makes it simple: Velvetizing the armrest storage bin http://elantragtclub.tripod.com/elantra/id341.html I checked out the flock vendor's site and he's got a newer product made from nylon that is sunlight (UV) resistant: http://www.donjer.com/ My mother ran a fabric and gown shop and she used to sell and use this stuff (suede-tex) for fancy buttons and belts for wedding and bridesmaid gowns and it stood up. That was in the 60's and 70's. I'm sure it improved since.
Having said that, I should add that I'm going to line my armrest junk/coin trays with leftover glass-run flocking fabric from restoring my division bars. But I thought about using some thin leather as well. The idea is that the junk doesn't rattle, but the original type stuff just collects dust and wears down after a few years. These other methods would last longer and stay cleaner or be easier to clean, IMHO.