Well, I said I'd give you a report, so here it is, warts and all!
Let me start by saying that knitting in the round has COMPLETELY ruined me for knitting rib! I got it right on the third attempt, after I'd had some coffee and got my brain in gear! I then read about the lifeline (thanks Antares)... so I dashed upstairs and came back with some spare sock wool and a darning needle. I'd already ripped the rib out twice, I didn't hold out much hope for the pattern going well!
I watched Amy's videos for the M1 and did two pattern rows, with 5 M1's.... it looked like I was knitting lace. The next two rows didn't have any M1's so I wondered if they would tighten the holes up, but no, it still looked remarkably like lace. So I ripped it back to the lifeline and started again after lunch. This time I sat at the kitchen bar top, with the laptop and my knitting, and watched the video about five times, before attempting the M1 again. This time it looked good, so I did the next row, still good, then I did the next two rows (no M1's) and moved the lifeline up to that point.
Yesterday was a very dull, grey day. We lost the light early and had the inside lights on from about 3pm, I was finding it very hard tbh and did the last two rows standing up with my nose pressed to the patio doors! In about four hours I'd only managed 10 rows of rib and 4 pattern rows! So I put it down for now, at least I can pick it up again and know everything is right.
The wool is looking very pretty though, can't really see the pattern yet, need a few more rows for that to appear. I spent my evening sock knitting, which seemed incredibly simple in comparison!