This pattern is very versatile. You can make it bigger/smaller by making more/less stitches on step 1 and working more/less rounds. The same can be done by using yarn in different weight.
I crocheted mine with 2 strands of worsted weight wool yarn held together and a size K hook and spent about an hour to complete one. :)
This pattern is not written as in traditional crochet patterns.
I didn't follow the pattern exactly: First of all, I started out with the magic loop/ring method instead of ch 5 and sl st to create a ring. This is a toe-up stocking pattern. On step 5, I repeated step 4 for 6 more rounds. Step 6 - 8 create the heel. I crocheted less rounds for shorter stockings. I increased 2 stitches on each of the last 2 rounds to make the stocking look more after-worn. - This also makes it easy to stuff them with goodies! :D As I worked on the last round, I added a loop with chains and sl st. On my stocking (the center one), I made the frill for the last round with basic crochet stitches with different height. (ex. sc -> hdc -> dc -> tr -> dc -> hdc -> sc) There are many other ways to achieve lacey look so have fun with it! :)