Shawls are very "in" right now, and nothing is more stunning than a lacy shawl in a great color. Martha Waterman's book is very unique in that it has a little something for every knitter; if you are new to lace knitting, there are some not-very-difficult but really nice-looking shawl patterns. Some are written out row by row if you don't like charts (I do like charts--the symbols are quicker to read for me, but some people do not prefer them.) If you are an experienced knitter, this book is like a toolbox with various shawl shapes (round, half-circle, square, triangle, oblong) and stitch patterns in a small but useful lace library. You can combine the stitches and shapes and make your own creations. So you won't outgrow this book.
If you like to follow patterns, the Kerry Blue Shawl is just terrific. It is a square shawl with various lace stitches, and is knit from the center outwards, with four diagonal "rays" at the corners. This is actually a very easy shawl but looks like an heirloom. It would work as a baby christening wrap also. The Kerry Blue Shawl is written out row by row, for those who eschew charts.
Because lace knitting doesn't need to "fit" you can use all kinds of yarns of various weights. Find a yarn, test out how the stitch looks, and "guestimate" the yards you will need by comparing the yardage and gauge used in the pattern. If you run low, you can make the shawl a bit smaller.
I have quite a few lace knitting books, but I actually use this one the most. I just love this book!