So I started doing the 365 project on August 1st: Taking at least one photo every day.
Now for me, the point is the intent of creating an image. Under this definition, it doesn't matter
if I use my DSLR, my point and shoot, or the camera in my phone.

This project combines two of the most common things that I hear about photography all the time:

1) Every good photographer has taken at least 10,000 bad photos
2) If you keep taking photos, you'll grow as a photographer whether you intend to or not.

Obviously the common thread here is the theory that if you keep taking images, you'll improve despite yourself.

The Cons:
1)The toughest thing so far is the amount of time required to process each image
2)The odd occasion when I'm absolutely exhausted, just want to fall into bed - then remember that I haven't taken any photographs that day.

The Pros:
1) Just the fact that I know I need to find an image to make every day keeps you looking around you in a different way,
this has benefits that go past photography and touch on just seeing the world with fresh eyes.
2) Some people take the approach of documenting a single thing and documenting the changes over the course of a year i.e. Self Portraits. I am preferring to try and make each image unique. This has me turning everything on it's head, pointing my flash all over the place, randomly staring at the ceiling looking at the odd pattens the rafters make e.t.c.

So . . .

Conclusion:
It's good, try it