I've got about 20 rows done so far:
I am using Lion Brand Wool-Ease Thick n' Quick yarn in the Spice colorway. The "pattern" I'm using is a simple basket weave effect by K3, P3 every 4-5 rows. The hardest part is remembering if I'm on a knit or purl when I start a new row, I get distracted very easily and have the worst short-term memory for things like that. Luckily now that the basket weave is showing I can usually eyeball whether it should be a knit or purl next. The best place to learn how to use your loom is the video tutorials by Isela Phelps aka Purling Sprite. She has also written several fantastic books on loom knitting:
I'll post the finished cowl when it's done!