A few weeks back, I decided that maybe the chenille blanket wasn't so time consuming after all... I now had a handy chenille cutter to help with the tedious job, so I gave it another shot. Cutting was super easy with my handy cutter... plus, there is less chance to accidentally cut though all layers.
Edit: you can find a tutorial for the blanket here I find it works best to sew your lines 1/2 " apart- some tutorials say you can do them further apart, but it doesn't look or feel as nice. Also, DO NOT pre wash your fabric or you will not get the 'gathered" look. Have fun!