We tried making these necklaces yesterday as kind of a we-survived-finals-and-want-to-do-nothing craft. They turned out okay, but not as well as I would've hoped. We could not find any beads that matched the fabric we were using and only used three rings each. That fourth ring is more important than we thought. We also used hot glue to secure the fabric on the rings, which i would definitely suggest. We had so much fun crafting together, despite the outcome :P
The awesome tutorial is here.