I've made a couple of Boogas and a bazillion Oregon Totes (similar w/ some added features) -- I've used Noro Kureyon, Lamb's Pride, WOTA and a combination of all of those. I am currently knitting an Oregon Tote using Cascade 220 -- first time I've used it so I can't speak about it's felted qualities yet.
I was most pleased w/ the bags where I used Lamb's Pride. I've also found it most helpful to use two strands of yarn held together. Of course, if you're using only Noro Kureyon, then this is a challenge because it's hard to get the stripes to match up. Anyway, you can hold one strand of a solid coupled w/ a strand of the self striping, and it has a really pretty effect. I have some pics on Flickr.com here that will show you the effect.