I'm finding it utterly addictive because it's a one evening, one ball sort of project. And I'm going to be doing some major stash busting this year using this design (and variations).
The pattern has been drafted and just needs a test knit. Dragging my feet on this bit, unfortunately. Just need to focus and get the pattern finalised.
Update Oct, 2011: uploaded the PDF of the pattern to my Ravelry store, so it's available for free here.