Meet Toto IV
I like this one. I used Grape and White Sugar & Cream by Lily held together as the Main Color and Black as the Contrasting Color. It turned out really nice.
Now, meet Toto V
I used Over the Rainbow as the Main Color. For the Contrasting Color I used Hot Green, Sunshine, Hot Orange, and Hot Pink. I'm not as thrilled with this one. The stripes just don't show up against the variegated yarn. Maybe if I'd used just one color and did straight stripes instead of trying a checkerboard. Look here:
If you click on the photo to go to flickr, you'll see that I've added notes to the photo showing the location of the checkerboard blocks. Maybe if I'd used a solid as the MC and a variegated as the CC, it would have turned out better. I did the i-cord bind-off using the MC since I was already unhappy with it. It'll still work as a potholder, though.
Keep this in mind as you pick out colors for your knitting.