Oh! I knit one of these some time ago, and it was so fun! I have to say, though, it was a little tough because I ended up using Magic Loop, and I had barely learned how to knit. (I didn't have any DPNs.) But they do make cute little decorations, and I think they would make wonderful Christmas ornaments or package decorations for knitter friends!!
Wish I could join you in the KAL, but I have too many other projects lined up! Have fun, though!