German art student Benjamin Harff has created an illuminated, medieval-style edition of J.R.R. Tolkien's The Silmarillion. The project was part of Harff's course at the Academy of Arts in Hennef, Germany.
The Tolkien Library website has an extensive interview with Harff here about the project. At the moment there is only one copy in existence, but Harff has plans to contact HarperCollins and the Tolkien Estate about seeing if there is a commercial application.
Nice. Though I suspect even a mass-produced version would be extremely expensive :-)