The pattern I'm using is Tulpenkranz, or Tulip Wreath. It's going to be massive: my conservative estimate is 2.5m in diameter. The original pattern calls for #200 crochet cotton, which is half as fine as sewing thread and no longer produced. I'm using laceweight wool/silk yarn.
|c Buch Verlag für die Frau, from Kunstrick-Decken
So far I'm almost 10% done. A photo from the weekend shows the tablecloth-to-be fetchingly worn as a hat. I'm enjoying the project so far!
Neat fact: the German term for lace knitting translates as "art knitting."