I'd rather have something that's fun but peters out and collapses under the weight of too many contributors than something that's tightly controlled and produces a sound beginning, middle, and end but has only three people working on it.
That's an interesting view, considering that if you replace "three" with "two" you've just described Blue Flames, Jaded Views, and most of the Mighty Trinity.
Fair, but I think the most likely result in this case would be KateStory XVI: The Thad and McDohl Edition. Which, don't get me wrong, had some great bits I would have loved to pursue -- Dr. Death and the Domed Flagstaff of the Future is one of my favorite ideas -- but just felt lonely. I want enthusiasm from the group here; I want loads of people to want to contribute.
Anyway. Who remembers Blue Flames, Jaded Views, or even the Trinity at this point? Pretty much the same people who've read KateStory beginning to end.
With the blog, each author takes the point of view of a single character, or group of characters, and writes from their perspective, interacting with the other characters from other authors within the bigger picture but at the same time dealing with their own personal goals and problems. In effect, the "main" blog page gets updated with a fluid, ongoing story, while each author's page also becomes its own cohesive mini-saga within the overall universe. I think it's a damned amazing idea.
Better still, you could sort by tags. Like character, location, perhaps a mystic artifact that changes hands several times over the course of the story...
Sort of like what Marvel/DC try to do overall but are too on crack most of the time to pull it off.
There was an issue of the Futurama comic where you could read it beginning to end or corresponding panels told individual stories -- first panel on every page told Fry's story, second told Amy's, etc. In practice it read awkwardly as hell, but in theory it was a really cool idea.
Anyway...
Let's just run it in a thread. I'm tired of this garbage.
That, or Det's suggestion of a blog with no restrictions on who's allowed to post (Captcha should take care of spammers). Anyway, looking forward to it however you kick it off.