MegsAnn,
Theoretically, if you have 1 yard of fabric, you should get 8 fat eighths. But April is right, once you wash it and account for shrinkage, it could be a bit less.
Here's my personal experience: I actually bought 10 yards for 2.0 (I will use some of the excess for borders/sashing/cornerstones and/or pillowcases), and this time I bought 14.5 yards of coordinating fabrics, some of which is already earmarked for borders. I will send out a variety of fabrics to everyone, but they will all coordinate with each other. I'll definitely have enough to piece a backing, make a wallhanging to go with the quilt I make, make pillowcases, bags, whatever my little heard desires! Yay! (Hey, when you can get it for $2.49/yard, how can you pass it up???)
Oh, and for everyone from 1.0 and 2.0, who must by now consider me to be the "Paisley Princess", I'll give you all a hint: these fabrics are NOT paisley! I know, right? I'm working outside my favorite comfort zone!
Odessa