Ever since I heard about this event, I have thought it was a great idea. The basic idea is not to run thru your stash of yarn. The basic idea IS to finish wips, ufos, and things that are hibernating. Rules for the way they run it can be found here from last year. The main rules stay the same.
Sadly I don't get a lot of time to participate. I have a huge commitment each July that takes many, many hours for my church. So I make my own time frame rules. I don't declare how much distance I'm working towards. If I do, life conspires against me. If I don't, I have a better chance of time being available all over.
Check my list of wips from earlier this year. I already know I have no chance of whipping through these. I started crochet dolls for my granddaughters birthday at the end of the month. The girls are Star Wars fans and I'm doing Chewbacca and Yoda. There are also "Little Golden" books with Star Wars themes to accompany. And now to get to work on them.