I've made 3 of these. Two multi-colored pastels and one in maroons. (I think they're both in my album here) I used the applique method. Hand appliqued, hand quilted and it took... FOREVER. It would have been a lot faster had the rings been one color instead of 6. That's a LOT of cutting and sewing. If I ever decide to do one again (in the far, far future) I'll only use one color for the rings and machine applique it.
*OH! My avatar is of the maroon quilt