It should look something like ribbing on both sides. The st you knit in R2 becomes the k1b stitch on row 3. I usually start by knitting all sts in row 1, but it should look the same either way. It also takes about 6 or 8 rows for it to look right too.
Did you look at the video for knit in the st below? It's here
(english link, there's a continental one too), and there's a tutorial with pictures at this site