The yarn is a blend of mostly wool, with some polyester and nylon thrown in to make it slubby. It's a threadlike bouclé, but I like the olive green with the purply slubs. At first, I thought the design was obscured too much, but now I'm enjoying the surprisingly earthy feel and texture. It doesn't hurt that I'm using my Asciano FiberArts circulars with this yarn. The needles have the best joins and cables I've ever found on wooden circulars, and the tips are long-tapered, polished and perfect for lace.
Oh, and I'm thinking about using some of that purple silk I bought at Stitches for the fabulous wide edging. The photo of the shawl below is a sample from the designer Emily Ross.