Hello from Calgary!
Behold my giant hand!
Here's a detail of the lace:
I used two and a half skeins of Araucania Nature Wool, which is a little less than a worsted weight, but more than a sport weight. I managed to get the gauge I needed (sixteen stitches and twenty-eight rows to four inches), which was good. The pattern calls for 599 metres (655 yards) of a worsted-weight yarn and three 7/8 buttons, so it's not likely to break the bank when shopping for the right materials.
The yarn was a nice one to work with, if a bit splitty at times. That might have been the needles I was working with, though.
The pattern is very straight-forward and easy to knit. I really wish they'd mentioned that the lace in the picture doesn't look anything like what you're knitting until after you wash and block. I was really concerned as I was working - the picture is a scalloped type pattern, and when you're knitting, it looks very pointy.
I didn't find any errors in the pattern (what a relief) and the collar was easy to put on. Another issue I had was that the collar doesn't lie really nice and flat until after blocking...which was cause for concern again. Given the amount of blocking this pattern needed, I wouldn't advise using an acrylic. You need the kind of give you get with wool or a wool blend.
It's a nice capelet to wear...works really nicely under a coat, and you can flip the collar up to act as a scarf in a pinch. I really like the way it stops just below the elbows...leaving your hands free, and no trailing edges that you get with a shawl. You can do the dishes in this capelet without dragging the tip in the sink. Definitely a plus...and it keeps my shoulders nice and toasty.
As I was knitting, it occurred to me that this kind of capelet would be excellent for somebody who was ill and spending a lot of time in bed or a wheelchair, or in hospital. It won't bunch up around your waist, and it would be comfortable for sitting in bed because you don't need to pull the blankets up around your chin to keep your shoulders warm. It's also easy to take on and off - no sleeves, which is nice if the person you're knitting for is feeling weak or sore - and you could easily substitute the three buttons for a single tie at the top.
A luxury blend yarn would be nice, but if you're knitting for somebody who's ill or having surgery, I'd recommend something that doesn't require a lot of careful handwashing - a good wool can be handwashed in the sink without too much fuss.
And...the final and...it's the kind of thing that both a granny and a hipster would wear. It doesn't look too fussy, and it's not an outdated design. It can be knit up fairly quickly - mine took about two weeks, but I wasn't spending a ton of time on it. I found that I could get one lace pattern repeat (six rows, 217 stitches per row) done while watching The National or Seinfeld. I finished four pattern repeats while watching Spanglish.