I've made two of these and they come out great! I had some Lionbrand Image that is discontinued in my stash and it came out light and fluffy.
http://www.knitlist.com/98gift/beret.htm
For me, I have to use size 8 needles instead of 7's and just before the ribbing of the band started on size 3 needles I did a decrease row of knit 8, knit 2 together because the first hat I did was a little loose.