You are going to love felting - it is addictive. I made the booga bag and loved it so much, I wound up making 5 of them. Then I bout the book Pursonalities and made 5 bags from that book. My friends love me!
Once you make your first felted bag and you see how much fun it is, you will never want to stop!
I got a $50.00 GC for my bday last week for Michaels - I think I will go check out that pattern this weekend - it looks like a great bag!