One of my favorite things to do in animal crossing is set up small little areas to breed flowers.
I quickly found a white and red rose around my town yesterday, and plopped them down next to each other to hopefully get results, and this morning I was greeted with a pretty pink rose.
Hopefully tomorrow I will have another pink rose, or if I'm lucky a purple one from the two white roses I have next to each other, or even a black from the two reds.
If you're interested in learning about flower breeding, and hybrids, I suggest you head over to the animal crossing wiki. They have nice pictures and everything, and I won't have to type it all up for you here!
There's also some info going around that hybrids in this game aren't so straight forward as before, so if that's true I hope the new formula get posted asap!