A knitted eyelet is essentially an increase paired with a decrease, and makes a hole about the height and width of one stitch. But you can do more with the eyelet than a single hole. How about a double eyelet?
You see double eyelets on their own, but also combined is some kinds of lace.
Version 1
K2tog, yarn over, yarn over again, ssk. On the next row, purl 1, knit 1 into the two yarn overs.
Version 2
Ssk, yarn over, yarn over again, k2tog. On the next row, purl 1, knit 1 into the two yarn overs.
You can have a little fun with the visible movement of the stitches in Version 1.
For example, try arrange double eyelets in a diamond. You'll see this in the Peacock's Tail and the Picot Eyelet Diamond from the first Walker Treasury.
The free Botanical Cowl pattern uses a simple stitch pattern of double eyelets.