I am now a big time fan of Noro Kureyon. It's hard for me to shell out more than $5 for one skein, but Noro is so worth it. I plan on knitting up a few more of these hats. I used Noro Kureyon color 170. Here is what it looked like as a skein:
I knit it up using size 7 circs and size 6 DPNs. I also began the decrease at 5", but next hat for me I may go a wee bit longer. I have a small noggin'. Wearin' a rainbow is a fun time guaranteed.