I've been looking forward to seeing a project like this, the closest I've experienced was at Otago Polytechnic, working with staff and publishers to produce an open textbook, but James' and his class are taking it further.
So I wondered the halls late last Thursday night to get some video of them in their early stages. I thought I had the right room but was lost. Thanks to James' principles in open education, a Google search was all I needed to find them. Trouble was, I couldn't get a connection for my phone! WTF! Eventually I found a bar of 3G and walked in on James working with his class.
I'll follow their progress closely, and get another video report at its completion. Hopefully we'll have a printed and bound version to complement the wiki.
Good luck James and all, this is a great project to see happen.