I hope this picture helps to better undestand the 4-panels construction. I am a kind of lazy person, so I choosen a crochet edge (which has a decorative effect too) instead sewing the sides of panels. I picked up sts from top side of panels and after couple forth and back rows withs some decreases I changed the the yarn and the needle size (smaller size for more decreases and a firm fabric). The top edging is folded (over a yo and k2tog row for a picot look) and this was the only time when I did some sewing to prevent sagging. I inserted a zipper too.

I used a very soft blend of 15% mohair and 85% acrylic. The yarn is self striping. This 4 panels construction makes angled stripes and prevents the horizontal stripes (which, in my opinion, makes me faaaaatter).

This is my first knit pattern. I used to knit patterns from knitty.com or berroco's site till today. The skirt is made from 4 panels. Then I picked sts from top side of each panel and continued to knit back and forth. The balloon shape is given by the increases at lower side and decreases toward waist. I decorated the skirt with a crochet edge.

At the end, this is my first pattern. I didn't knit it in the round. I played with isosceles trapezes which gives a balloon shape. The skirt is formed from 4 panels. One panel consists of 2 trapezes. I embelished the skirt with a crochet edge.

I'm knitting a prototype for Knitty glory.

I am very curious  regarding the prototype but I think I can't see it till it will be published (Knitty's rule)

and in the meantime I'm working on my skirt... now I don't have even one skirt...

Thanks a lot for your help. I am already shy to ask more questions, but this part:

3. Row 1 knit. Row 2, knit first 5 stitches (for hem), perl to end. Add an eyelet every 2 inches or so on the "waist" edge to pull some cord or elastic through. Add some short-row shaping every 4" or so to the "hem" end to accomodate your hips.

I am afraid I didn't understand much how and where to add the short rows shaping (which will be a first for me, but I found the techniques's description on knitty.com)

How do you feel about stripes?

Or giant needles to give an openwork effect and use less yarn -- with a slip underneath?

For an openwork effect I definetelly need lining for skirt and never did before. Is it difficult to make one? Horizontal stripes makes me fatter and shorter.

Thanks a lot. All of you are very helpful. I'll post a picture when ready.

Today I found in my LYS this gorgeous discounted yarn and bought 7 balls (each ball is 50 gr and 88 yds; 85%acrylic, 15%mohair). I need a skirt but couldn't find a pattern to appeal to me. I would really appreciate if you could recommend a nice FREE skirt pattern. Hope I don't ask too much ... 

thank you very much for your reviews. I also checked your blog and now I am seriously considering Sweater Design, by M.Righetti. As I understand from your reviews on your blog, it is more advanced.