I attempted this last year with a big group of friends and none of us ended up finishing. The only way I can foresee people finishing this beast is if they write everyday. Roughly, the word limit breaks down to a little over 1600 words a day. Sticking to that schedule would keep you on pace, but once you're in the thick of it, any little excuse can pull you off track. Here are some pitfalls to avoid:
Back up EVERYTHING. I lost a day's worth of work because I didn't save my project onto my flash drive properly. The stuff I came up with after was never the same Plan it out. Don't think you'll just be able to "wing it," plan out where it's going. The stronger your ideas are in the planning stage, the easier it will be to say "Okay, my 1600 today should really focus on this scene with these characters." Trust me, planning out my plot lines was the only reason I got as far as I did. Be ready to make sacrifices. One of the things that tripped me up was my inability to write during Thanksgiving break. I came home and was like "Oh, I can afford to slack for two days or so." Nope. This is a commitment, and staying on track is vital to your success. Do it with friends. Our group was very supportive and fun to be around, to bounce ideas off of. It helps to know that you have other people going through the same thing with you. Remember to have fun with it. Know that you have to be diligent, but it IS supposed to be fun. Write a story you'd want to read, or that reflects the things you're into. Don't try to write War & Peace....write what you know and write what you love (If that happens to be War & Peace, go for it!).
it's on the list of things i want to do for my 101 in 1001...since I just started, I have another November to do it....but I think I'm going to go for it this year. I've got a few story ideas that I've been toying around with, so I think I'm going to do it.
National Novel Writing Month. Basically, throughout the month of November, people try to see if they can write a 50,000 word novel. It's demanding to say the least.