Things are moving right along on the community project and I'm very glad I signed up to work on it. Yes it has cut into my limited time but the experience has far exceeded whatever lost time on my current projects.
One of the biggest benefits is to watch the progress (changes, updates, tweaks, etc) over each iteration. The interaction between the other contributors has been great too.
I'm now somewhat disappointed that I didn't sign-up for more!
Here is the link for the community project.