Yes, it's true. I made this:

My excuses:
- It was 1970
- Limited yarn budget, using whatever I could find in the 25-cent bin, or beg or borrow from friends, relations and people with a grudge against me
- Unlimited time
- Not yet knowing how to knit
- Hating the seaming and end-darning common to standard issue granny square blankets
- Having no concept whatsoever of what a useful size might be
- Being 14 years old at the time
I came across it on Saturday, at the bottom of a box of first apartment leftovers I rescued from a narrowly averted basement flood. I did actually use the thing. I did most of my Junior High School and High School homework while wrapped in it. It also accompanied me off to college, where it kept other people from sitting on my bed, or provided a modicum of insulation when hung up against a very cold cinderblock wall.
I will say the haphazard design and awful colors sort of grow on you after a while. Kind of like fungus, or a particularly gruesome looking pet. My kids want to use it as our TV room sofa throw. Maybe you have to be pre-adult to appreciate it. Plus it's absolute proof that Acrylic Is Forever.