12/3/12 : I started this yesterday and finished it a about two hours. Awesomely easy. My only caveat for the future is to make it with either a more drapey yarn, or to use a larger hook size to make it drape better. I might try to kill the acrylic to make it drape.
Red Heart Version - 11.5” x 6.5” (at dc ripple) - 15 rnds