It turned out exactly like I wanted it to. I intend to use this to tote around my books for book club. In the picture, the Martha Stewart Housekeeping Handbook is inside (I used the book, inside a plastic bag of course, to block the bag as well). It's a rather large and heavy book, and I could still easily fit in some sort of notebook as well.
I could have gotten away with one complete less repeat of the stripe pattern on the handle, and then it would have sat nicely over one shoulder. I don't mind it this long, though, because I've found if I carry my purse on just one side, my back aches terribly. This way, the load is balanced side to side. The length is also just right for easy access to the contents of the bag... so, it would also work nicely for a knitting project bag (with smaller books, I could probably fit the book and a pair of socks in progress inside). The handle felted perfectly and evenly... it looks all straight and professional.
The flap turned out exactly like I wanted it to... both in shape and in length. I'm still debating whether or not to put a button on it. I always pictured it with a button, and I've gone around town searching for just the right button... I've even bought a few (I'm not good at making up my mind), but I haven't decided yet. I'm thinking the perfect button for this might just be none at all... I love it just the way it is. Maybe when I have more time, I'll post pictures of the options, so you can all weigh in on it.
Having read that this yarn felts REALLY hard (meaning it shrinks more than other wool yarns might), I put it in the wash with some jeans on warm instead of the usual hot cycle. I did check it and add extra time to the wash cycle after seeing how it was coming along. I did not have the issue with it being overly fuzzy that the author of that blog post mentioned. I haven't shaved the bag, and really see no reason to.
Base: 10.25" wide (24%) x 2.75" deep (39%)
Height: 9.75" (46%)
Flap: 8.5" from where it starts from the back of the bag to the tip (43%).
Handle: 2.5" (23%) x ~46" (23%)
That makes one project rescued from the stalled list and finished.
Note: The color is off in these pictures... they were taken at night with the flash, so they look more yellow than they should.