Sure, I'm in. 

Thoughts:

Suggest only books you have not read yet. 

For each (month, or quarter or whatever) everyone votes for the book they want the group to read together. 

If it's not your cup of tea, skip that month. 

Limit the number of books you can suggest each cycle (2 or 3 should be fine)

Elect a discussion leader (normally this is the person who suggested the book, but not always the case if they don't feel comfortable doing it) They are responsible for thinking up/research discussion points throughout the cycle. 

That's it. Hit me with a mention if this thing gets going.