Fair Isle was around as a 2011 trend, but stuck around in 2012 too (and for good reason)! Any trend that allows oversized, baggy sweaters is okay in my book. It makes me think of curling up to a fireplace in a cabin in the Rockies after a long day on the slopes.. although, more realistically, I'd probably wear it with boots and leggings (duh) out running errands.
Since this is a pattern that is typically winter-only (unless you really like breaking the rules), I wouldn't suggest spending major bucks on a Fair Isle article of clothing. Most of the pieces below are closet-worthy without breaking the bank!