This looks like a very promising move by the honest webmaster community
It would be useful to me (and so probably many others) if the whole concept of finding spam websites could be explained in the form of a tutorial and what actions should be taken. This tutorial could then be posted on other boards to to try and encourage involvement by many other webmasters.
I think this has idea has good potential to have a good effect on our SE rankings and therefore our wallets - while not solving the problem could put a nice dent in it. And one thing I can be sure of with spammers is thier after the easy buck - thier not prepared to do the hardwork - and this sort of thing makes them work harder.