Hol Art Books have started something called Team Publishing. From their site:

In a departure from traditional publishing, we bring authors and publishing professionals together online to collaboratively identify, evaluate, and develop our titles. The processs is open to everyone. You and your team select, edit, design, and promote the book, we print, distribute, and market it in our seasonal list of titles. And everyone – the author, the team, and Hol – gets paid a percentage of the book’s sales, for as long as it sells.

Eoin Purcell’s got an analysis of the model on his blog, though he’s coming at this from the point of view of a publisher. Still, worth a look.