A few years ago, I made my parents one of these family trees using a kit from Red Envelope:
Red Envelope has since updated their Family Tree Kits to this style. You should really go check it out for your family - it's on sale for 25% off right now... only $99.95! (P.S. I have a free shipping offer I can send you for any order over $75.) Each leaf represents another family member/ancestor, and you're able to display four generations worth of your combined family history. The kit comes with everything you need, including the frames, you just supply the family details. My parents bought me this new kit for Christmas two years ago... and it's still in the box, unmade. :(
Using information I referred to on this post, I want to attempt to finish this kit in the next 3 months or so. I've already got a spot in mind on a wall in the family room that will be perfect for it. Sadly, it's yet another one of those projects on my list that I know if I don't get it done soon, the baby will come and it will be years before I touch it.
Wish me luck!