I checked out a copy of Knit 2 Together from the library. A friend has it and has made several really nice things out of it. The book was fun to browse, and I found several projects I was interested in.
First I dove into the baby cape. I had exactly 3 skeins of Cascade 220 wool that was burning a hole in my yarn pocket (so to speak... it would have to be a large pocket if taken literally.). The pattern called for 3 skeins. Here is a picture of my progress after about 1.5 of said skeins.
The cape isn't even halfway done. At this point I check Ravelry and find that nobody did it in less than 4 or 5 skeins. I am faced with a clear choice, table this project and frog the yarn for something else or buy more. I chose to frog and am now working on a hat/sock combo for the expected baby in question.