I haven't been a member of MobileRead long enough to know whether or not this has been tried here. But, we certainly do this on my book swapping forum. There are a couple of "read-alongs" going on over there right now.
I like the idea and find that including a book club book is a great way to motivate myself to read something that is not my usual genre. If it becomes popular, I'd suggest running one with a classic downloadable from MobileRead and maybe another with a contemporary novel -- and I hope it would be one available for a reasonable price in the major formats.
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