I know this is not a new concept but it has increased traffic for active blogging partners in the past so I don't see why it wouldn't work now. I would also like to test the waters and see if the traffic could be monetized somehow. I would prefer it if everyone could jointly market the network itself as a single entity and refer and rotate traffic among the blogging partners.
I have several ideas for more to be done with this concept but anyway it seems like a workable platform to jointly garner some traffic for members of the network. It could grow to thousands beyond that but would be impossible to promote so many blogs. One blogger could easily promote another 6,7 or 8 blogs or so without a problem. Promoting hundreds of blogs would be unmanageable and probably very ineffective.