My mom made a bunny quilt that way, one for each of her daughters. One full size and two twin size. It was supposed to be one fullsize, but she kept having more daughters. ;) The Bunnies where a cheater panel, and she used matching fabrics to be "every-other-square". Those quilts were very loved. So much so that one is currently waiting for me to learn more about quilting so I can "FIX" it. :D
Currently I'm drooling over the not yet released Moda butterflies collection (and it has a cheater panel too!) ;)