I made mine a little bigger than the directions called for and I also used suede. It was surprisingly simple to make! The hardest part was finding the right clasp at the craft store... mostly because I am apparently blind :)
I ventured to the leather store (never been there before). I ended up setting up a wholesale account with them. You have to buy an entire of hide... um, ok. With the discount it was about $25. Which I figure will make about 10 key chains. I am sure you can get strips of leather at craft stores, but I figured that if I was going to do this then I was going to go all out! Pretty much everyone I know will be getting one for Christmas. I also thought I might stash a few for birthday gifts.
So far I have tried a few of the crafts in the Hip Handmade Holiday e-book (you can purchase for $10) and i have liked them all. There are a few in there that I'm not going to try. But honestly, I think it was worth the $10 for this tassel and the pillows.