I did the Butterfly Canvas with DD2. It was a fun project, but expensive! $9 for the canvas (only so cheap because I had a coupon), $10 for the butterfly punch, $5 for watercolor paper, $1.50 for acrylic paint. Thankfully, we had watercolors and paint brushes, but it was more than I would typically spend for what was essentially a kid's craft.
I guess the good news is that the girls enjoyed the project so much that they want to make a pair of smaller canvases for Christmas presents for relatives. So the punch will be re-used anyway.