I bought 24 balls of mercerized cotton from Lewiscraft last summer, just before they closed. Finally something popped up that I could do with it: the Lacy Kerchief Scarf in Interweave's Holiday Knits issue.
I started last night, after figuring out how to do a provisional cast on. You can see the blue, waste yarn ducking in and out at the bottom there.
It's straightforward so far, but it'll be a rather dainty item that I'm not sure I see myself going out and about in, so it may become a gift to someone, sometime. In fact it may become several gifts because there'll be a lot more of that cotton left!