The second question-- "Is it fun?" took me some weaving exploration to discover.
If you have read many of my posts, you may have noticed that having fun while weaving is a top priority for me. When I first wove with raffia it was definitely not fun.
I first tried weaving with three layers of raffia, using a cotton yarn for the fourth layer and found the process to be frustrating and not fun. Not only was it extremely difficult to weave, but the several layers of raffia made for an overly-complex weaving surface. It was difficult to do and didn't look that good. But I found an answer.
The answer was to use just one layer of raffia, letting the colors and pattern of the fiber shine through, and completing the weaving with a complementary colored cotton yarn. It worked beautifully whether you do the weaving in a plain, tabby weave or bust out an overshot pattern. (Reminder- you can find great overshot patterns at Eloominations.com.)
In terms of projects, I decided on a summer table setting, with raffia/cotton mats for coasters, drinks mat and place mats. I am still working (albeit slowly) on a summer table runner, using a variety of colors in the raffia and cotton.
So consider tackling a new fiber for the pin loom, and have a fabulous fibery summer!