Wouldn't you know?
I have just donated all my rick rack braid, which I must have had for over 30 years, to the Embroiderers' Guilds sale table and I find this tutorial.
It is from Bernina, but I'm sure the same technique could be used on any machine that has this fancy stitch. Here it is used as an insertion but I can see it making a great edging on place mats and table runners. What about around the hem of little girls dresses? I will have to go in an buy back some of my donation.