I've just finished knitting the Porom hat designed by Jared Flood.
It's my first lace project. I used Cascade Yarns "Cloud 9", 50% Wool and 50% Angora. It's a very soft, fluffy yarn that drapes nicely. It has a little bit of a halo from the Angora that softens the lacework a bit.
The pattern is fun and easy to work with. It can be purchased through the link on Jared's blog, Brooklyn Tweed. I'd like to do another one but this time use Jamieson's Double Knitting as Jared recommends. I think it would show off the lace a little bit more.
Next project: Learning to knit socks in a couple of weeks!