Well, as you can see, I went with the classic look. Thanks for your input! A full half (?) of those who left a comment preferred the little orange balls, and I seriously considered using them. But in the end, I felt they were just not quite substantial enough. (I do love them, though, so you'll see them again someday on some other project.) Anyway, it's really about the knitting, right?
To recap, this is the smallest (6-month) size of the Knitty pattern Trellis, knit on 4mm needles with one 225g ball of EcoFil yarn (75% cotton, 25% acrylic). I followed the pattern exactly, except for adding a slipped selvedge stitch at the collar edge. It's a bit stiff, even though I put some hair conditioner into the water I soaked it in before blocking. And it's hard for me to believe it's big enough to fit anybody, but I suppose babies really are this small for about five minutes.
(Fisher Price dog included for scale, which will only be helpful to those familiar with the 1970s-era Fisher Price dog. The sweater measures 9.5 inches from shoulder to hem and is about 18 inches around the body.)