The project is called Masgot - it was one of those that popped up on the Hot Right Now list on Ravelry and both Debbie (LYS owner) and I said how much we liked it. The original version looks like it is only 2 colors as it has two close shades as the main stripes and then a dark blue added for the "inserts".
Debbie has a new fingering weight yarn from her farm and she wanted to use that so we could have it in the store - I volunteered to knit, of course.
While this is a lot of garter and begins to feel like the Color Affection shawl, you do get the exciting addition of the inserts of color and they seem to hit just at the point where you need to switch things up and get interesting.
Here's how our version turned out - I LOVE the blue Debbie dyed especially for this project.