Last weekend, I spent most of my time trying to figure out this crochet technique and whipping up a couple prototypes for my own amusement. I'm absolutely in love with the result, and will soon be listing this as a made-to-order headband in my shop, as well as figuring out a good way to write up a pattern (it's easy, but a little complicated to put into written words).
So far, I've made this cream-colored one and also a purple one, both of which look great. I'd say this looks best in bright or light colors because you wouldn't be able to see the pattern as well on a dark color, like black, although a dark yarn with a nice sheen would probably look nice, too.
Next up, I plan to experiment with using two colors. I think I'm in for a wild ride!
If you're interested in making one for yourself and don't want to wait for the written pattern, then you can check out this video (in Spanish) over on YouTube that describes the technique. I don't know Spanish myself, but if you watch closely, you can piece together what she's doing with the help of some folks in the comments.