I'm all for it...except there'd have to be some strong rules set up about it. We attempted something like that on the Wizards & Warriors board...actually, Adam Warlock did, and the story went well for a while, but then we had some cretins get in there and trash the story...one killed off a character who had just been introduced and was clearly going to be pivotal in the storyline, so we had to do a
deux ex machina and have the character's mentor resurrect her immediately from a long distance...and, well, a lot of things happened to make the storyline go down in entropy.
It was a lot of fun at the start, but we need some rules of discretion before posting "relay" stories. I'm willing to support such an effort, though.