A Million Penguins…Will this collaborative book be readable?

Drawing on the Wikipedia experience, publisher Penguin Books decided to experiment and invite people to collectively write a novel.
Will it result in a big mushy thing, we shall see?
So if you are home with a cold, bored at the office or the elements keep you indoors during the week-end take a look and add your voice. All you need to do is visit A Million Penguins. Be patient, it seems that the response to Penguin’s idea has been bigger than expected, at least it was when I checked today.
In Publisher launches its first "wiki" novel Reuters tells us more about the project.