I was debating on weather or not I was going to participate this year, and decided to go for it. Ali Edwards has all the details on her blog, but the basic idea is to document a week in your life. Keep your camera handy and take it wherever you go- document the everyday things you do, for one week. I did one last year and included photos of our piles of laundry, the kids reading at night, receipts, the cost of gas, a shot of the inside of the van, making the bed, things the kids said and did, the fruit & veggie aisle at the grocery store. Don't worry about taking pretty photos, just take them as is, with whatever camera you have with you. The idea is to have a true representation of your life & routines right now.
Here is some shots of my "week in the life" project I did from Oct 4th-10th 2008. I set it up the same way Ali did, with the first page highlighting a large photo, the story from that day and a stamped date. Then one page of "baseball card" protector photos in a square grid (2 sides), next page is another digital collage of photos. Simple and fast.
I used a American Craft Modern 3ring album
It is always accessible on a bookshelf, and the kids go thru it often
A bunch of the front pages that highlight the date and story, and a main photo
A close up of the date stamps and the brads I added after printing the page;
Details of some pocket pages;
Examples of the last page for each day. just a collection of photos arranged together digitally and printed.
This is a great idea and I think it will be so cool to look at it years down the road. Imagine having these photos to look at from when you were a kid!