I think there is a mistake in the stitch pattern. From looking at the pictures, when it says that you should do a long double crochet (ldc) one row below, it really should be two rows below. Otherwise, the colors don't line up. This is noticeable in both the two color and three color pictures. Also, the stitch would not end up looking like medallions if a stretch of chains was left, as it would necessarily be by only going one row below. In any case, I worked the stitch with the assumption that it should be two rows below. With that modification, I like this stitch because it is simple to do, and obvious where to do each portion of the stitch. It is readily apparent where you went wrong if something is actually wrong. This would make a pretty full sized blanket and I would not be averse to using it for another baby blanket.
Here's how to make it:
Chain 94, then work stitch until work is square. Add the standard border and you're done.
Round 1: sc around, 3 sc in each corner
Round 2: dc around, 5 dc in each corner
Round 3: sc around, 3 sc in each corner
Round 4: (sc, ch 3, sk 1) around, (sc, ch 3, sc in same stitch) at corner
I made it using Bernat Baby Coordinates in Tangerine Dream with a J hook.