Run by the Art House Coop in Brooklyn, NY, the Sketchbook Project is described as the following from their website:
"Thousands of sketchbooks will be exhibited at galleries and museums as they make their way on tour across the country.
After the tour, all sketchbooks will enter into the permanent collection of The Brooklyn Art Library, where they will be barcoded and available for the public to view.
Anyone - from anywhere in the world - can be a part of the project."
Apparently you pay to get a blank sketchbook, choose a theme provided and you must fill it by a certain deadline. Once it is submitted it goes out as a traveling collection. How cool is that!
To see more about this project and more about the Art House Coop, visit their website here: http://arthousecoop.com/
I think I may take a stab at this, seeing how I've been pretty pleased with my personal art journal lately.