A serial novel blog?

I've always wanted to write a serialized novel. It seems like it would be a fun thing to do.

So yesterday I got this idea that a blog would be a perfect place to do that.

I also had the idea that it would be a fun way to write a collaborative serial novel (like I'll post the first chapter and anyone is free to submit a second chapter, and I'll pick one, and we'd go from there).

So what do you think?

Would you want to read a serialized novel? How often would I have to post new chapters? Would you want me to leave it open to collaboration? How long of a chapter would you really prefer (or, alternately, how long is too long?)

Feedback would be appreciated here--email it to me or post it in the comments for all to see.