I tried it once a few years ago. I designed an album cover and had all my song titles decided. Even started writing the songs, but I didn't make it. It was fun, though. I doubt I'll tackle it this year. Too many distractions with family and stuff going on.
In a way, it's a kind of super focused songwriting forum. People post their songs every day or two and you try to comment on as many as you can, as well as doing your own writing and posting and getting comments. There are specific challenges such as topics or song titles or whatever to write to. See fawm.org, if you're not familiar with the event. It's intense, but I recommend giving it a try.
Vicki