I have knit one side of the bag using Black Wool-ease yarn. Overall I would rate it as a fast but boring knit. I intend to slightly change the assembly and maybe knit a flap to close the top. I do intend to make some black suedecloth straps, no vinyl for this purse. Of course I will put in lots of pockets in the lining.
The other bag I've started is called Percy. http://knitty.com/ISSUEfall07/PATTpercy.html
I am using all cotton Sinfonia from Hobby Lobby in a chocolatey brown color. It is tight knit on US 3 needles so it will take me a while to finish.