LOL OWL scarf
Here's a fine little knit-meme project, the ORLY and YARLY owls immortalized in yarn:
Link (via Craft!)
Scarf Rly, an "O Rly" Owl scarf pattern. Created by Rebecca Stern, original idea by Justin Gutterman. One end says "O Rly?" and other other, "Ya Rly." Because I hate the way carried-yarn patterns have a front and back, I tried to weave the carried yarn through the knit-1-purl-1 pattern of the scarf, but I'm not quite happy with it. Sure, the image has no front and back now (except the readability of the text), but it's a bit dense, not stretchy, and slow-going.



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Great start!
That looks like hell.
Sorry, but that's a lazy way to do colorwork and it looks bad to show for it. I've seen a lot of people do internet-meme themed knits, but it was better. I'll have to send links next time I see something.
Stumbled upon this page; neat idea. For reversibility, have you thought about trying double knitting? No floats, and the negative image on the reverse!
Link to tutorial:
http://www.stitchdiva.com/custom.aspx?id=142
Link to beautiful example:
http://www.flickr.com/photos/13718326@N08/1478504348/in/set-72157602307506341/