I think that what you guys are doing is excelent. And once i finish this semester of uni I may even try join in. HOWEVER. If this is going to work there needs to be some sort of organisation. Because everybody is doing a texture here and there but no one is looking at what textures join onto which other textures and making sure that it looks 'right'. You dont wanna walk into a room and have 10 different looking cement walls where really the only difference should be that one wall has pipes on it and the other has a fan on it. I think you get what i mean.
Ultimately I hope that we will be able to play Halflife Source with high quality textures. But if you wanna make it good. You all gota work together not every man for himself.
Just a thought