Yes, like a ruffle, and yes would extend the size of the quilt!
Funny enough, I've just seen it as a PITA so far too ... and thought maybe that ye wise ones just may have a way that I haven't thought about yet.
The ruffle part I can make OK ... and it'd be not too fluffy, 1-1/2 fullness at the most, maybe less. Where I see as the problem would be the bulk of the layers of fabric ... front (with seams along the edges), batting, backing, double layer of ruffle, and binding) .... plus if you folded it you've now added an extra layer of batting.
My OBW is busy ... though much softer and not so vibrant as most we've seen posted. More feminine, and so why I was thinking of the ruffle ... plus it will be in my formal living room.
Piping .... interesting idea ... can you or someone please show me some pics of quilts with piping at the edge?
Thanks!