This pretty stuff jumped right out at me when I walked into the shop. It's a new version of Juniper Moon Farm Cumulus, now with a long color-repeat rainbow effect.
This yarn is so light and fluffy, and it feels so much better in person than you might expect from a cotton/nylon blend. Melissa reports that it feels like knitting with air, and I think it feels like a cloudy marshmallow.
An art teacher friend of mine is having a summer baby this year, so I'm thinking a rainbow tunic/dress using one of the brighter colorways. I can't wait to see how it knits up!