I just joined the KAL, and look forward to getting started -- once I finish my current project and get my yarn. I ordered some Elsebeth Lavold Classic AL in a burgundy shade (Webs has it on clearance). It has a similar content and gauge as the yarn called for in the pattern, so hopefully, it will work well. I've never used it before, but my mom has some in her stash and it feels divine in the skein.
I'm very curious to see how people handle the collar -- I had a pretty strong negative reaction when I got my issue of IK and saw that the edges are stockinette...I really want to see how other people fare (I worry that those edges will roll something fierce!).