It's kinda cool isn't it? I used directions written by Lucy Holley. BTW - check-out her neat flicker album - http://flickr.com/photos/tazmanette/.
I decided to keep the Pepsi theme so I left the label on the bottle and used like colors to loom-knit the top and drawstrings. Each drawstring has a ladybug bead at the end of it for whimsy.
Even though some skeins of yarn won't work in it if they can't be pulled from the middle, I found that small balls work great even if they don't pull from the middle. There's plenty of room for them to roll around and unwind as you're knitting.
In the pic I have a Peaches & Creme ball of cotton yarn in mine that's used for dishcloths.