I'm sure it's obvious, but I'm on a bit of a lace knitting binge at the moment. I feel like lace knitting (and any small needle knitting, it it comes to that) is real value for money. Plus, I enjoy it. Most recently, I bought some yarn for the Icarus Shawl featured in the Summer 2006 issue of Interweave Knits. The pattern's by the most talented Miriam Felton. She's also selling copies of the pattern on her web site.
The yarn is Suri Elegance (in Cordovan) which I bought from Alpaca Yarn company (this is the yarn recommended in the pattern). It's beautifully soft, with a lovely, rich color. The thing that I'm most excited about in this shawl, though, is the curvilinear effect in the edging. It's not particularly obvious in the magazine pictures, and I'm not sure it will be obvious with this particular yarn (although I'll know it's there, which is really all that counts). It's pretty clear in some of Miriam's photos, though. I love it when something as simple as knitting produces something as striking as this.
Edited to add (6 Dec 2006): Miriam has some errata posted on her weblog.
Cross-posted on What Katie Did.