I've tried to do something like this before over on X-E (which is a totally guitar unrelated forum) and it started OK but loses steam quickly. I noticed that nobody has said anything about recording capabilities. WHen can the music be put up?
If music doesn't come soon this thing will just start rolling backwards. In my opinion, I think the webspace should be tested, everybody's recording capaiblities should be tested (not their skill), and also instrumental variety should be tested.
Put all that up on the website for access as a sample. It doesn't necessarily have to be a song. But just lets everyone get an idea of what we are doing and get the ball rolling a little bit faster again.