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I am extremely pleased with how this turned out, and with the fact that I can get away with carrying the yarn up a few rows, instead of breaking it and thus having to weave in a million more ends. Here is the precise area where the floats happen:
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Not too shabby. I am working on the second sock now, and it really seems like color patterns move faster than other patterns.
I've also just finishes reading Ann Hood's The Knitting Circle and I have to confess that I enjoyed it a lot more than I was expecting to. The premise - a knitting circle heals a woman's heart - seemed cheesy and contrived, but the book is well written and thoughtful and not all ends well. It's also a fast read. I highly recommend it.