An alternative to this travelling camera would be a single day challenge. Pick a day, everyone has to shoot one roll that day wherever they are, whatever they are doing and post the best one or two shots.
Sort of a combination of the APUG photo challenge and the "Day in the Life" books that were popular about 10-15 years back.
Just a random thought.
I like Matt's idea. Maybe we can have another project on this...?!