That would be perfect for my daughter to use as a book bag / purse for school. The kids can't use book bags, so we have been looking for something to use as a big purse that she can also use on the sly as a book bag.
I've spotted that before on the Lion site and thought it might be a fun and useful thing to make, too. I just have so many other things in the queue that I haven't got serious about it yet.
Also, somebody over at Crochetville has started a crochet-along for this bag.