I loved this little clutch when I saw it in Pam/Julie's swap! So I decided to try making it for my friends birthday. Here's the tute:
http://www.noodle-head.com/2010/04/gathered-clutch-tutorial.html
I found it a little tricky as it was the first time I'm done anything so fiddley or added a zip, therefore my front panel (the spotty bit), is a bit wonky. I added yo-yo puffs to mine for extra-pretty and to distract from the wonky bit.

Overall I don't think its too bad for a first attempt and I'd definately try making another one (hopefully next time there will be less swearing and unpicking!)