And no! It isn't a midriff baring thing. The straps are actually a lace piece that is knit separately and then attached. I got about half of the lace piece knit last night:
The yarn is a cotton/bamboo--I have both pale peach and pale pink, not enough to do the whole thing in either color, so most of it is pale peach with pale pink at the top. I think it will be nice!