in comments the super secret project is being made with a ladder yarn, Caron Fabulous. I really like how it feels, it's soft and filmy and just all over neat. The only trouble is that at times I get confused on stitches as it's not easy to sort it all out. I am also totally in love with the colors in it, I am using Mother Earth and the colors in it are gorgeous.
As far as the purse I am working on the i-cord handle and then a felting we will go! I need to throw in a swatch using the red, black, and light grey, to see if the red bleeds into the grey. I used the light grey on another purse and a blue color bled into it. I'd hate to end up with a red, black, and light pink purse. ;)