What area do you live? Maybe start it off small and work up if it works out. Do you know what's it like to have roommates? It's a challenge to live with a diverse background of people. It sounds great if you lived in the Silicon Valley area, if not it maybe hard for others to just go to a random city with no benefit from the city.
I know a few folks from http://houseogames.com
From what I recall, it didn't really pan out, but people grew wiser and better at what they do, so that's good.
Personally, I got some investment money and almost all the developers included in my current projects live/lived/will live in a big place with me now. I think it works because of clear hierachy, discipline and common concrete goals.
In a commune-like system, you'll get a bunch of extremely individualist personalities and not much of a team, unless planets lined up.
Which reminds me, I need to start distributing morning coffee to their pillows and round 'em up right now.