I finished this a couple of months back. I had shown a friend of mine from work this pattern and so she and I had a knit along. This bag wasn't too difficult to make, but it's been (so far) the most technical thing I've made. The strap, pockets and flap are all done in Seed Stitch, and the main body of the bag is Stockinette Stitch. and 4 I cords for the closures. I will probably make another here shortly, but this particular project only cost me 15 dollars, including the needles.
Oh yeah, forgot to add the the yarn I used was Sugar n Cream. it was cheap (1$ a ball). Though for being a cheaply priced yarn, it had kind of a waxy feel to it, and it resists water fairly decently.