I started this little guy last night at our family dinner, and he was kind of a hit :) actually, the entire Big Book of Knitted Monsters by Rebecca Danger was popular.
I'm using Lion Brand Quick and Jiffy (or something like that) on (my new!!) KP Harmony US 11 with a 32" cable. With this cable I am able to knit in the round, though not as easily if I had shorter needles. I Magic Looped the feet but the cable is too short to use this technique on the whole thing.
I have already used one skein, on my second, and am thinking I will need at least one or two more!