I kind of like it, at least what I've done as part of the MFA.
Since the first workshop, I've been thinking about how to start something like that locally.
But THEN I remembered I have a baby coming in like… 14 minutes. Hanging out somewhere for a couple hours every week, sipping latte and discussing character motivation… that's not going to happen for me in 2013. Or '14.
What about online? Specifically, a small writer's group for workshopping stuff via Google docs and Google Hangouts? I already do gaming stuff there, so I know it's viable with a decent mic/headset. I'm thinking 6 or fewer people, 1 submission a week (<20 pages, shared on Google docs, with comments open to those that have access), with an online one-hour Hangout every week to talk about the submission 'live' (with some basic behavior guidelines).
Thoughts? Interest? Puppy-like excitement?