"Ben Folds, Damian Kulash, Amanda Palmer, Neil Gaiman to Write, Record Eight Songs in Eight Hours"(link)
The point they're trying to make seems to be how the recording industry is unnecessary in generating buzz and distributing music to the audience. My problems with this project:
1) None of the above artists would have the capacity to generate buzz on their own if their respective industries hadn't helped make them famous first;
2) the 'big bad' recording industry is going to end up looking pretty good if these big names in music combine their talents and end up with a rushed, mediocre-sounding product. There's a potential for a very large negative impact on smaller, independent artists.
I do like that they seem interested in discussing 'virtual busking' and 'patronage,' which seem to be emerging trends in music these days (see Freezepop's creepy $5,000 offer to fans here...just scroll to the bottom of the page).
Anyway, that's my first impression of it all. I reserve the right to change my mind, of course, especially after any discussion about it we may have here.