Well, the yarn I originally chose was a bit too fuzzy for the project at hand. The beautiful stitch pattern was getting lost in all the long fibers. I really like this yarn. It's soft and has a nice hand. It will be better suited for something less stitch intensive. However, I managed to find a yarn very similar in color. This wool blend will do the trick.
That animal looking thing wrapped around my hand is my former sweater-in-the-making. I can already see the stitch definition much more clearly.
The original knitting will not go to waste. It will make a nice cowl.