I finished a pair of soaker pants for my cousin's baby, for her first birthday.
These are the Kanoko Pants (rav link). The pattern was interesting. If I was going to knit them again I would have started them in the round for the ribbing. I don't think it is necessary to fold them over and add elastic because the ribbing is so long. The other mods I made were I lengthened the pants to 9" before starting the cuff. Then I *k2, k2tog* around to bring the cuff in a little, then I did 10 rounds of k2,p2 to finish off the cuff. I like how they turned out, though I also wish I had added some shaping to the legs so they wouldn't be quite so baggy. Lot of ideas! Still it's good for a free pattern! =)