I'm definitely going to knit my first lace project (or at least first lace project attempt) with this yarn. If I just can't get the hang of it then I'll frog it (if the yarn lets me, I've accepted the possibility that it won't) and try something with a normal lace weight yarn. I'm doing something harder than I should so if I fail it's only because I aimed too high, not because I don't like or can't knit lace.
I'm looking for a relatively simple design since anything complex would probably be lost because of the nature of the yarn. I'm also aware that the yarn will be as stretchable as well, steel, so I'm going to make something open on big needles. i've entertained the idea of making doilies from it but will most likely make some sort of shawl.
I've yet to see how easy it is('nt?) to work with but it's actually not as "wirey" as you probably think it is. I've worked with craft wire and beading wire, not much but I've worked with it, and this is so much thinner and so much more flexible. I actually have more issues with working with yarn so thin.
I got the color 2997 which is an almost black brown and what sold me on it was the steel shining through the wool: something that can't really be seen in the pics.
As for the wearability, it has a bit of a rough hand but not badly, it just feels like a medium coarse wool. It's definitely a novelty item, couldn't see any practical use for it, but I don't think that if I made a shawl from it that it would be unpractical, though it may have to be treated a little more carefully. I won't really know for sure until I knit it up though.
MMario, I'm actually thinking of trying your faux spanish lace pattern.