A word of caution: The beauty of a rag quilt comes from its "ragged" look. But they shed terribly, and you have to be very careful about your washing machine and dryer because of all the lint. I would recommend taking it to a laundromat for at least the first washing. I made a cotton bag that I use for laundering my rag quilts, but it still is necessary to clean out the lint filters (I clean out the dryer lint filter every 10 minutes when drying a rag quilt).
I do not recommend rag quilts for babies or toddlers, who may suck or chew on them. Threads or pieces of material easily detach and can cause a baby or toddler to choke.