I started in Blender 2.73a ended up in Blender 2.74 using Cycles.
I needed an image for kid's birthday party with a racing theme dubiously named Lili Cat Invitational.
I struggled with the UV mapping on the ribbon as well as getting the cloth right. I thought the silk texture came out well.
I found it at
http://blenderartists.org/forum/showthread.php?278285-Yet-Another-Thread-about-Cycles-Materials/page11
Getting the UV texture that I made in Photoshop (as a .tiff) to work was also a challenge.
Hindsight being 20/20 I think I should have made the mat completely in Blender and added the text as a text object and converted it to a mesh.
**Tip** When troubleshooting UV texture issues, always (always) start with the question "Is the scale applied", and then go look to make sure you're not wrong.
Reflections were also a bit of a bear as the reflective quality of the trophy kept showing the planes.
I like how the checkerboard lane reflection came out
Let me know what you think