Although some knitting projects may take a great deal of time to complete, there is always a sense of satisfaction that comes from having created something with one's own hands, particularly if the knitting project is meant to be a gift, in which case a certain sentimental value is added to the gift.
Knitting a garment gives the creator a certain degree of customization. Even if one is following a pattern, there are liberties the knitter may take with the pattern, such as the colour(s), or throwing in a different stitch here and there. A knitting project can yield a one-of-a-kind garment that can grant the wearer a sense of individuality. Of course, this is also definitely the case if the knitting was poorly done and yielded woolly monstrosity...
Ah, and therein lies the real beauty of knitting: everything is “unravellable” and redo-able, which makes it a little easier to create one's own pattern through trial and error. It also makes it possible to change or modify a piece of knitting which no longer fits or is desirable.
One of the most common comments I hear made by new knitters is about the relaxation that knitting induces in them. I have known some sufferers of anxiety to benefit from the calming, repetitive nature of knitting. Because not only does knitting create a simplistic calm over one's self, it also leaves the individual with a sense of satisfaction at having at least created a little something during her therapy session. How many other kinds of therapy sessions are truly productive?