Alternative to Tradational Role Playing Format

As I sit here bored to tears over break I decided to work on a concept I thought up a while back but never really explored.

Normally a game focuses on players playing their own characters and one poor s.o.a.b maliciously GMing a game- trying perhaps to capture the amusement of his players with some novel gag or new challenge. I proposes that everyone makes a character and then everyone take turns controlling the group.

A system for this would be unique at best and abstract (and quite alienating to veteran gamers) at worst. The perspective is new at least.