I was planning to put this on my sidebar, but it's so cool that I had to create an entry for it:
Go there and read the entry and have a look at the pattern - so adorable.
I've seen this clutch talked about on several knit blogs. -- the idea has taken off in a rather viral way! And, yes, you could totally knit one for less than $150 . . . or just maybe you could design your own knit handbag and put a $150 price tag on it. The most interesting thing to me is the difference between the type of person who would knit and carry their own knit knock-off of the cable clutch and the one who would create a new and equally smashing original knit handbag design. Neither knitter is "better" than the other, but they are two distinctly different approaches.