April 2014- edited to add that this pattern seems to be the same. And since my original was lost--I may knit another soon.
I was inspired by this blanket, but decided to use only eight colors/skeins of yarn, to make a more economical project, and wider stripes. Simple.
Gauge not so important, just get a fabric you like and a width that works for you.
I cast on 118 stitches, started with 10 rows of garter stitch in the first color, followed by 26 rows of stockinette, with 5 stitches of garter at the edges of each row.
When changing to a new color, I do 2 rows of K1P1 instead of stockinette, to get those bumps.

More details on the blog posts.