Well, the swatch blanket is on hold for now, because I've come up with a new project:
"But what is it?", you ask. A beret for Joseph Merrick? Girly dice bag from hell? A yarn pie?
You would be close with the last - it's the start of a blanket pattern I came up with based off of Elizabeth Zimmerman's Pi Shawl. I like the idea of knitting round things. And a round blanket would look very neat on a bed. Alas, I dove right into this one without thinking about color schemes, so it doesn't match my room. I'll probably have to do another one later that goes.
I'm knitting it out of kitchen cotton - maybe not the best choice, texture wise, but I'm planning to sew in a fleecy backing, and kitchen cotton always has the best colorways. I'm using coordinating variegated balls, so there will be stripes as it goes out towards the edge. Not really sure of the circumference right now - it's on 16" circs, but it's obviously outgrown them. I probably won't move up a length until the next increase round, however. For right now, tho, it doubles as a nifty carrying bag for my yarn and doodads!