Fair Isle Knitting really is fabulous. Daunting at first, knitting stranded Fair Isle quickly became something I enjoyed doing, for several reasons:
the charts are easy to follow,
following the chart made it knit up (relatively) quickly,
the results are amazing,
it takes just enough extra concentration to do to make it fun
There are rules that define what is a traditional bit of Fair Isle knitting, and there are some knitters that will argue those rules with you. Actually, I might be one of those people. If you are calling something Fair Isle, but are NOT stranding the colors across the back, but instead are twisting them when changing from one color to the next, then you are knitting Intarsia. The other criteria for something being "Fair Isle" include: using only two colors per row, using only 5 colors or less in the project, and working in the round.