It sounds fun. It happens that I collect pagan chicken recipes, but I confess I don't understand why. It's hard to imagine how it could take that long for the camera to make the rounds, but ... ah right, who am I kidding? I've been guilty of gross procrastination a time or two myself. That may be an understatement.
Depending on the number of people participating, there could be multiple cameras. People from each camera team could post when they'd forwarded the camera on. The thrill of competition or the shame of public opprobrium could become an incentive to slackers to take a picture, forward the camera, and post their pagan chicken recipe.
Who does the developing and/or printing when it's all over? How/where are the images displayed?