Collective Story-telling

I have been having huge dungeon cravings lately, perhaps a stress-filled need to take equipment and dive deep into levels. To satisfy I thought of resurrecting a very VERY popular thread I created on another sight.

Typical pbp round robin, but instead of playing the part of one character each author takes on the story, playing an entire group of heroes (or the villain if you prefer) and simply telling a story...

Anyone game? Further, would this go in metagaming?
Epic × 2!
Sounds interesting to me! Meta gaming seems like a good place for it.
Sounds fun! Like when we were kids! And I mean that as a compliment. What are the rules? No TPK?