I first started seeing "smashbooks" about a year ago. I think the idea and the coined phrase come from K & Company. Similar to the art journals that around for years, the smashbook is a artsy little journal to put your musings in. I copied the cool description below from K & Company's web site.
Last weekend I made one using my Silhouette Cameo to cut up repurposed scrap paper and junk mail. I'll keep adding to it, but I thought was ready to share.