Well, after careful consideration, I passed on the idea for many of the reasons you mentioned, although the primary reason was the cost benefit analysis.
The idea if others want to use it and provide me a link for the idea, it is below.
The idea is based on the "The Day in the Life of America" project done in the 1980's where they had 500 photographers take pictures on one single day and then they created a book. (There was no internet or digital photographers back then)
Anyway, the idea was going to be called "Triple Eleven" for 11/11/11. The idea was to launch a site which allowed people to upload photos taken on 11/11/11, input their location, time and a description. Then after the 11th, let the public vote and choose the best picture.
I thought this could have very real viral implications if promoted correctly and by offering a great prize.
Thanks again for the input.