I've recently made two of these hats using the *sniff* recently discontinued Mission Falls 1824 Cotton. The picture isn't the best, as I've only got access to a webcam at the moment, but the hat itself turned out amazingly well! I also made the one hour baby booties from S N B Nation in the same cotton to go along with the hat and used the umbilical cord motif as the band that goes around lil baby's foot.
For anyone interested in making the hat (and booties, for that matter), I'd totally recommend you just jump right into it. These are quick, fun, and easy peasy patterns. YAY!