Fancy but simple. This was the pattern used and discussed in episode 24 of YaT, and it is called Lace Squares #1. I hope you enjoy it.
Lace Squares #1
Multiples of 16
Row 1 and alt rows (wrong side): P
Rows 2, 4, 6, and 8: * K8 (wrap to M1, sl 1, K1, psso) 4 times *
Rows 10, 12, 14, and 16: * (wrap to M1, sl 1, K1, psso) 4 times, K8 *
Repeat the sequence for as long as you like to have a very sweet checkerboard appearance.