I used the technique and my end result was this bad boy:
Still needs a bow or something... We'll see if it happens!
My project total was the same as Sharon's--just under $5. But now I see that Hobby Lobby has their wreath forms on sale for 50% off this week, and scrapbook paper is discounted 50%, too. So, you could make this project for about $3ish if you buy your supplies at Hobby Lobby between now and Saturday!
When Christmas time rolls around (YAY!) I'll just pull the paper off of the form I bought and use new paper on the same form. It costs about $1 for 5 sheets of paper if you buy them on sale, so you can change out your wreath with the seasons for only a buck! Now that's what I'm talkin' about!