It's a sock, of course! A completely insane, tiny needled thing.
The yarn is Anne Shaefer and EL Silky Wool. The formula begins by casting on 100 stitches and knitting in 2 x 2 rib. I started knitting this sock in stockinette, and the colors looked, well, absolutely disgusting. I played around- and this is where I ended up.
Off the foot each square puffs out and looks like an intensely colored piece of tile. I kept thinking the sock looked like a hot air balloon.
Even though it looks huge, it fits quite well. Doing it over again, I would eliminate the weird break between the leg and foot on the instep. To do this, I'd have to rip out the heel-- and there's just no way I'm going to do that!
Clearly, the sock has been in hibernation for some time. I knit the majority of this sock during the late-mid winter of 2006. This year I didn't pick it up. Perhaps I was obsessed with another project and didn't even think about it...
Next winter, maybe?