We've been working, slowly, on our hypermedia project. It's going to be a colaborative/interactive fiction along the lines of a read your own adventure book. It seems interesting to me.
The most amazing thing to me, though, is just how useful it could be outside of the interactive fiction concept. Consider a tutorial. There would be an introduction page that lays out the the general concepts, then a link at the bottom to each of the concepts. Then each of the concepts pages would have a link to the next step in the tutorial, etc...
Or a medical diagnosis page. Each link decsribes one specific symptom. As you navigate through the site, you get to a more specific description of your symptoms and the possible causes.
Or, it could be an entire web-logging system all to itself, with the first pages representing a post by the web-log author, and each of the linked pages would be a bit of discussion.
Or...
Well, the list goes on. I'm excited about just how useful this project could be.