I just made my first two and they were easy as pie. I kind of read the different tutorials (in the stickies at the top here) and looked at pics, and then made it up a bit anyway- the sweater had a big turtle-neck, which I used for the waist of one, and then I kind of went from there.
I made a biggish short soaker for my 4yo (still wears dipes at night, sigh) and used the arms to make longies for my friends' new baby. Each one took probably a little over an hour, the sweater was $2. I lanolized the one for my son twice, and he has been wearing it for a week now, and it is working like a dream.
I'm psyched about this very economical option for baby #2 (due in April). I was so deterred by the cost of wool soakers first time around.
Have fun!