This is such a great idea! I have oodles of yarn that I intend to use up before I move. I've been aiming to avoid new yarn purchases (except to finish current projects) and this knitalong will be great motivation.
A few weeks ago I started "Butterfly" from a recent Rowan magazine. I have 3 balls of Kidsilk Haze that I've been meaning to use... for at least a year. The beads I've had for almost as long.
Here's a picture of my progress: (hopefully! It'll be my first picture posting)
Sorry about the poor quality. I have a $15 webcam, it's dusk, and my knitting needle is poking into my curtain tie. It was the only way to get proper light.