Pay special attention to the instructions on how to pick up the stitches for the border, and you’ll have smooth sailing. Don’t be intimidated by the fact that the pattern looks intricate. It’s an easy-to-memorize pattern that you’ll find fun with just the right amount of challenge. Like most lace knitting, blocking this one to open up the lacework is the magic touch (along with the “magic” border!)
If you knit this, please let me see the photo of your FO :D

1/23/09: Thank you to Mamasue for pointing out and correcting errata. If you’ve printed this pattern prior to this date, please note that the section regarding the number of repeats now reads as follows:

Repeat rows 27-38 eight more times, then rows 27-37 once more. You will now have 148 stitches total.

Last row: (wrong side) Knit across, removing markers.