What to do?

I have a bit of problem that I'm going to confess: I have a lot of stuff.  Somehow over my (almost) 24 years I've managed to accumlate quite a bit in terms of wordly possessions.   In anticipation of moving sometime this summer I have slowly been going through my room trying to weed out things I don't need.  I threw out that binder of papers from the write on competition last summer, I have a bag of clothes ready to be donated, and I listed a bunch of my old college books for sale on amazon.

But then I come to my knitting.  I have a couple of old projects that are finished but never reason.  This sweater in particular comes to mind:

I finished it the fall of 2007 and have woren it maybe once, and I was at home by myself.  The only reason I made this sweater was to use up the yarn.  This yarn has lived a very toturted existence.  I first made a sweater with but then realized I didn't have enough of it.  I then made a vest with it and it was much too big.  And since completeing this third incarnation it has sat around in my room and somehow developed a mysterious hole in the collar.  

Sadly, I don't really like this poor sweater.  The yarn is itchy and rough, a poor choice made when I was began knitting.  The sweater isn't all that flattering and doesn't fit well.  So what do I do?  What does a knitter do when they have a completed project that they just don't like but have no need or use for the yarn? Should I toss it the donate bag? Probably but I feel bad tossing something I made.

So I'm curious what do other people do in this situation?  Toss the unwanted project and move on or hold onto it in case someday another possible use is thought up?