I ended up making three pairs, with only one slight variation (I ran out of 3/4" elastic for the band, so I substituted 1" elastic). Each pair of shorts uses 1-yard of fabric. I chose flannel, as recommended in the book, and picked up two yards of the 5 Funky Monkeys by Erin Michael, one yard in each color. For myself, I used solid coral-colored flannel.
This pattern was pretty quick, however I was slowed down a little by having to create hidden seam edges. Since I don't own a serger (yet), and since I couldn't line the shorts, I really didn't want messy, fraying fabric edges. I think they turned out really well, but it was quite time consuming. I've now got my eye on a serger.
This is what the seams look like on the inside.
And this is what they look like on the outside.
I slept in my pair last night, and they were very comfy!