I've seen this quilt made up, and it's really cute:
http://www.babylock.com/ftp/projects...le%20Quilt.pdf
I've used my serger for quilt-as-you-go quilts such as this one:
http://www.sewvac1.com/Library/serger_baby_quilt.htm . They're easy and fun, especially for charity or quick gift quilts. A serger doesn't take the place of a regular SM, but I enjoy having options.