Holes Wrapped in Yarn

I blithely packed up my yarn, needles and a stitch dictionary with a vague idea of what I might do with them while on vacation. I shopped for lace panels in the dictionary, and fell in love with this one:

Then for no real reason at all, I decided to work it in the round. Which is really lucky for me, because look what happens on row/round 4! This pattern calls for increases and decreases to happen on consecutive rows, which means that if I were working flat, I would have to do those maneuvers from the wrong side! Which I have never done before! And is scary! 

I've been bitten in the arse by the old "Lace Knitting vs. Knitted Lace" distinction. For those who don't know; Lace Knitting is when you make all the increases and decreases on the front/knit side of the work, and just work even on the back/purl side.  Knitted Lace is when the action happens on the back/purl rows as well. So as long as I'm knitting this circularly, things are really normal, because I'm always on the front/purl side of the piece. But when I separate at the armholes and start working back and forth, I'm going to have to learn a whole pile of new sexy party tricks. Knitting is so ceaselessly amazing: There is always something you've never done before.