This bag is called the 'knitting around' bag or something like that (if you want the details, leave a comment and I'll go dig up the pattern). Here is how it works. You knit the circle at one end, starting in the center (ie increases out), then you knit the body of the bag, then you knit the other end as a decreasing circle. So you end up wtih (for lack of a better world) a bolster with no way in (until after you felt it). I put the straps on before I felted even though those weren't the instructions. Anyway, you can see that the bag pre-felted was about the size of a coffee table.
I'm pleased with how this turned out. The 'cutting' was scary (with our cat Stella as my witness,I will NEVER steek) and I put the straps on wrong but luckily they were way to long and needed shortening anyway. All in all, a success (imho).
The bag took two hanks of Cascade 220 in Red and one in Black with almost no left over. From my stash (yay on using up stash).