felted backpack and new sweater

Here's a photo of my first felting project! To give you an idea of size: its laying on top of a full size pillowcase. We're talking about 7 full skeins of Montera. I sure hope this thing shrinks at least 1/3, because I'm only 5'0". I've been told that Montera will felt very easily....I'm just worried about the colors running and trying to think of a way to keep that from happening. Tonight I'm adding an attached I cord to the top of the bag (around the opening and flap) in the light teal color. I've read that to keep the bag opening from stretching, to string a length of cotton yarn through the holes approximately the size that the final opening should be.
After its all done, I'll be embellishing the bag with Stitch Diva's crochet flowers.
If this doesn't work, I'll be crying tomorrow.

This is the sweater that I knit last week while visiting my daughter in Manhattan Kansas (I also knit the bag while I was up there). Its beautiful on me, but doesn't do a whole lot for my dress form. I altered the original pattern some by easing the sleeves into the body to avoid having a shoulder seam. I have very angular shoulders so whenever I can avoid a seam up there, I will. I think my favorite yarn in this sweater was the Adrian Vittadini Nadia yarn. It was a joy to work with and someday I'd like to do a project that would highlight it more. I have some left over so it will probably magically appear in something further down the road.