I like the idea of the program, but have a few issues with it.  

One, it's expensive.  There's a program fee ($285 for all three levels, and you must be a member of TKGA, which costs $29/year), you have to pay to mail in your sample swatches and homework notebook, and there are yarn requirements for the swatches, so you may not be able to use leftover yarn you have on hand.

Two, the requirements are rigid.  I know how to do stockinette stitch/ribbing/etc and don't really want to waste my time and money proving it.  I also don't have much of a desire to design and make an Aran or Fair Isle sweater... it's HOT where I live and neither would be worn much.

I put it out of my mind for a long time and decided I'd just play on my own.  

A lovely bitch by the name of Nellum came up with the idea for a "Mistress of Knitting" group.  It's free to join (though you do have to buy your own yarn... not that any of you probably need an excuse to do that).  You're allowed to demonstrate a technique in a project you're working on instead of making zillions of individual swatches.  And since the challenges are more vague ("Knit a felted project" rather than "knit argyle socks"), you get more creative liberty to make things that you'll actually use.

Here's the list of challenges.  There's a suggested timetable of one challenge per month, but the deadlines aren't absolute, it's OK to finish late.  If you do 10 out of the 12 challenges, you'll get a certificate at the end.