This pattern is a fairly easy lace rib -- the stretchiness will fit a wide range of sizes. If you want to make it bigger, you can either add one more pattern repeat, or go up a needle size or two.
Just a note on yardage: I did a pair in Knit Picks Essential, and used 30 g out of a 50 g skein. This works out to be 139 yards…
10/12/2011: New pattern includes instructions for knitting with beads, and working the pattern in DK weight yarn.