Sounds like an idea. But if you're wanting feedback, that's usually best done in a direct forum setting. We actually did this over at Writing Forums, but we posted the sample chapter as part of our first post in a new thread. People would read it, give feedback, etc. Sometimes it would only be partial chapters or just scenes. It was a great way for less experienced writers to get feedback from other writers and learn cool little tricks, or find problems and eliminate them through the help of more senior experienced writers. I know it helped me iron out some really bad issues I had in my writing that I didn't even realise I had. One of my big one was word repeating.
Another trick we did was to take a test story, or something new we were working on, and spread it out over an entire thread one post at a time with maybe a few days or a week between chapter additions. Really the idea worked well and was a big help for newer authors looking to polish their craft. The only question here however is this. Is the focus of Mobile Read to promote ebooks, reading devices and published authors with already available ebooks, or is it to help newer authors get on their feet (ie, create a story worthy of publication), or both?
I'm not against your idea as I think it's a great one and helped me a lot in the earlier days of my writing. I'm just wondering if it's what Mobile Read wants to focus on. I say that because, if the focus gets too wide, you'll lose members and visitors. It also works the same way if the focus is too narrow. So you have to balance it between both extremes. It's something I learned in the 7 years I spent first moding a forum, then running my own tech site. It's not an easy thing to balance, and right now I think Mobile Read is doing a good job with that difficult task.