I posted pics earlier of the work in progress, but here's the finished bag before felting (I crocheted orange edging on the corners, around the bottom, and reinforced the bottom with orange, green and blue)
The stitch pattern is RT, k1, with RT, RT, on the corners. The yarn is Filatura di Crosa 127 Print (labelled for Japan as Simpatico)
After felting in the bathtub (stretched on a bag of CD cases to dry) It actually didn't take so long because this yarn is very loosely spun, and the yarn has a felted-feel to it already. The colors dimmed a little, but it's still really pretty. Maybe when it is fully dry, in full sun, it will be brighter.