I once braid a Friendship Bracelet, but in just one colour. The ones at Heather’s Friendship Bracelets are so beautiful because of the different colour patterns she presents.
I haven’t done them yet, but they are on my to-do list (together with a gazillion of other things to try ;-))
Links:
Heather’s Friendship Bracelets
Note: even though there’s written something about a move I could stilll reach the links
Friendship Bracelet – first pattern of first set