So, driving home last night I did a lot of thinking about this and a year or 3 ago, I had a similiar idea and was trying to remember the details of my idea. Here's my concept. We all say we're going to do things that we want to do.... but at least I personally feel like we either aren't motivated or don't prioritize doing that thing.... there are other things that come up and we push it to the back of the line. But if you have to do something for someone else, it seems to get done because it's not for yourself.
After thinking of the logisitics of all this, I think it might be hard to have enough time, or space, or whatever... to produce stuff during our meeting.... but it should rather provide the motivation to make stuff throughout the entire month. So the meeting would be more of a show of what we've produced.... and then a critique by everyone in the group. Plus if some of us are interested in the 'how' of what someone is doing, we'll have time to share tips about different materials... equipment.. software.. etc. I would say the most important thing is knowing that you have to show up with something in hand to show for the month and being ready to have that piece critiqued on it's own.. free of excuses why it may or may not be your best work.... it has to be your best work.
So basically the meetup provides the motivation to make stuff. It provides a forum to bounce ideas off your peers and get your work critiqued so that you can improve your work.
Finally, I think that when given this blank canvas, most of us spend a year trying to figure out what the perfect thing to do is... I know I've done it myself many times where I spend lots of time figuring out what it is I'm going to do and planning it out and then I end up doing nothing. So my final proposal is this. That we each bring 2 concepts with us to each meeting, we put them in a hat and then pull 2 out..... and our work for that month incorporates those 2 concepts. So say I pull out "snow" and "farting".... well, I'll be trying to shoot a photo of a snowman farting, or doing a sketch of that, or making a webcomic about that (Paul). I think this is kind of important and the thing that gets me most excited about doing this.... because you know as soon as you get those pieces of paper, you'll have ideas flowing and I think it's the limitations of those concepts that will really help us to move forward and just start creating right away without wasting a lot of time on ideas.
The other thing I think that will happen is you'll get these limitations and all of a sudden have ideas that you really want to do that don't incorporate them.. which is really what this is all about... getting the juices flowing and inspiring you do more work for yourself.