I cut it out, sewed it up, and I've gotta say...I GET it now. Amazing. Superb. Fabulous.
Per the measurements on the pattern (and also because the pattern suggests a yard and a half, but I only had one yard), I made the 12m size for my recently two year old and it fits perfectly. (Also, after cutting I determined one yard would have had enough fabric for the next size up had I needed to go there.) I know when the Bimaa tour was going around a lot of bloggers noted that they had sewn the whole thing up with their sergers. I don't have a serger, so I was a little concerned, but I just sewed it all up with a narrow zig-zag stitch and had no problems at all (in case anyone else out there is serger-less and concerned, too). It's come on and off of her several times now without a single popped stitch.
I'm a little disappointed with the fabric. It's mainly green but as a bit of gray heathering to it. The sweater's been washed a couple time and the gray is starting to look a little pilly. It's super cozy, though, and the pilling isn't so bad that I won't be okay with her wearing it (it actually looks a little worse in these pictures than it does in person). Just bad enough that I would have been pissed if I had paid full price.
The cowl is by far my favorite part...I totally see what all the fuss has been about now. I love that it looks like a mini version of a really stylish adult sweater. I'd like to try making a couple boy versions for my son with the hood and/or the shawl collar. What?? BOY sewing? ha! We'll see...