Yes it is still a goodie!
Since everyone else is being so positive, let me enter one note of caution- the colourway in the book, while totally iconic, and not to be messed with, is not the most soothing to look at, so if I was making something with GNM fabric, I would be thinking something small...
I would not purchase the kit for the example piece you showed. I find it very angular and visually distracting.
When I read this book with my children, they love finding the mouse on every page and if I was making a quilt or hanging/pillow/rabbit cover with it, I would expect to be able to hide mice in there. Also, the passage of the moon from the lower left of the window as it rises is a key feature of the story and I would like to see that reflected as well. So potentially I would be doing a lot of fussy cutting!
I've sure lots of people would like to make it as a cloth book as well.