I have jumped all over this trend. I love the concept of making our outdoor space look like your indoor space. Earlier this summer, I totally redid my back patio at everyone's favorite cheap big box retailer, Target.
I started with the loveseat. Since the throw pillows that came with the love seat were hideous, I tossed them and decided to use five regular pillows in ikat blue and chocolate colorways.
The outdoor furniture I had was black and had belonged to a great aunt. It dated to the 1940's, I think. I spray painted it that brownish-bronze and voila... instant outdoor living room. I'll try to post a photo soon. (I have a new camera, and I haven't yet figured out how to upload the pics. I feel old.) I completed the look with the outdoor lamp and I've instantly added square footage onto my house.
Ultimately, I would have done something similar had I had more money. I don't like complete matched sets of furniture on the patio... just like I don't care for it in my home. When was the last time you opened a shelter mag to see a whole room of bedroom furniture in "The Magnola Collection" (or whatever)? Only in ads. So for all the non-designers out there, take a cue from our more gifted bretheren: don't buy matched sets. Take inspiration from the Cottage Living photo above.