This is the Branching Out scarf from Knitty. It's one of the first projects I ever did, and I would highly recommend it. I see lace knitting the same way I see baking. In baking, you follow the directions, and suddenly, like magic, you have cookies! And everyone thinks you're brilliant, when really, all you did was follow the directions. Lace is the same. All you do is follow the directions and boom! Lace. It's fantastic.
Here's a closer view. I was a baby knitter and did not realize that one should not do lace out of nubbly cotton, but it turned out better than could reasonably be expected. The Knitting Goddess smiling on my ignorance, I suppose.
And here we have one of my very favorite knits, the Convertible shawl from Knitty, made with Plymouth Royal Bamboo. It turned out so wonderful, with great stitch definition and fantastic drape, substantial but not too hot on the skin for Georgia summers.
So the take-home message is this: do not be afraid of lace. Lace is your friend and wants to love you.