I got one of those yarn catalogs in the mail from Lion Brand, and saw this Loop Rug in the catalog. The yarn cost would have been sky-high using the special soft cotton yarn they recommended. Well, it is a rug, after all, so I decided to use the less expensive alternative, as i usually do anyways. So I got two cones (one pound each) in white (dye-able or bleach-able if it got dirty) and went with it. Its a deceptively simple stitch, but looks pretty awesome. It didn't take me long at all to finish it, all I need to do now is find a good way to give it a non-skid bottom, I'm thinking of using drawer/cabinet liner.
The good thing is, I still have plenty of yarn leftover!