The idea is fairly obvious, I suppose, but was germinated in my brain by a conversation with Paul Cornell at P-Con in 2008, when he pointed out that at an episode a day or so, it was a perfectly feasible project. I don't know if he had been talking to altariel , who together with mraltariel had just started their epic rewatch (and putting the pieces together I guess that they may have mentioned this project to Paul at Eastercon the previous week), but once I started following their progress it seemed pretty cool. They have been writing it up a season at a time, and have now reached Season 14 in 1976-77; I am currently in Season 7, which they reached last October, so in some ways they are seven years ahead of me and in other ways eight months. Their thorts to date: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14.
A month before I started my own rewatch in September, "jacob1480" began a similar run through on his Tardis Adventures blog, dedicated to this purpose, one story at a time. He has progressed less rapidly than me, and is now at the end of the Hartnell era which I reached in January (not a criticism - he probably doesn't have a 90-minute commute to fill). He is a first-time viewer, unlike the others I am linking to here, and unblinkered by fan lore, so his observations are sometimes strikingly different from the conventional wisdom (it is a rare fan who would rank Vicki top of the First Doctor's companions). I've syndicated his posts to Livejournal as tardisadventure though it didn't pick up the most recent post on the Hartnell era as a whole, which I guess fell through the cracks when LJ was having problems the other week.
Meanwhile, Andrew Hickey started down this road last month - so far has only done An Unearthly Child and The Daleks, also one story per entry with the added self-discipline of trying to stick to 1000 words per story. I wish him well; his blog (which covers many other topics, such as comics and Lib Dem politics) is syndicated on LJ at andrewh_rss.
Good luck to 'em all, and if you are wondering about how to fill a couple of years of half-hour daily slots, this could well be your answer...