Knitting Project - The Shrug

My current knitting project (which has taken a very long time) is a shrug. I got the pattern for free from here and thought 'Yep, ok this is the next step from hats and scarves'.

Here is an almost-finished progress shot:

I've nearly finished the second 2x2 ribbed section! Yay, the home stretch!

The mock ribbing middle section took FOREVER and I tried to knit during idle time e.g riding on buses, the tube etc..

I kinda think I picked the wrong type of yarn because a shrug should be a light piece of clothing and already I feel it's too bulky. I'm going to complete knitting this anyway so I can see the final product. Then I'll sew up the seams and then decide if I hate it or not :S