I have done the FBTY. I made the New York Beauty and got great "pointy points"!! It is made from a variety of reds for the points and the corners are all the same blue. I was very pleased with how easy it went together. I haven't finished it - it's not quilted. When I asked at LQS I was told to quilt just like any other quilt only it will be heavier because of the foundation that is in it and that machine quilting would be best. I wouldn't even want to think about trying to cut it all out. Good luck with yours.
I also have two other FBTY but right now I'm not sure where they are. I'm in the process of moving my sewing from one room to another!