Just made this beaded beanie yesterday out of an old sweater! I also made matching mittens! I read the threadbanger tutorial a few months ago and decided I'd try making my own, except with a cuff.
If anyone's interested, I wrote a tutorial post that you can find on http://www.musingofsorts.com/2009/10/beaded-beanie.html
It only took me ~10-15 minutes to hand-sew it all up, but it would probably take less than 5 minutes if I had my sewing machine at school with me!
Definitely try it out! It's super easy and a great way to recycle an old sweater