It's an interesting proposition.  What commission structure will you be offering to photographers, and where will you be setting your prices?

Lisa, Dan, Thank you for your interest.
Good questions, I can answer that we like to have this discussed and decided within the group of 10 or so founders who wants to join now.
My opinion on the points raised in your questions is the following:
The reason to share the site is to create volume so to get more clients and not to run a new microstock library.
Therefore the site will not generate profit and all sales money will go to photographers that will share the running costs. Founders are not necessarily requested to contribute themselves to the site set up, maintenance & administration, but we will outsource this (can be one of the founder if interested).
Running costs are paid by a % of the photo sales. The % shall be adapted to cover the costs of services we want to have and will decrease with the site success�I imagine that once we have sales we will have a commission of 80-90% to the photographer. Set up cost will be paid by the founders on equal share --> will not be a big amount of money!
Price policy shall be similar or cheaper compared to existing micro-stock sites. I guess it is an advantage to have a common price policy.
With Ktool photographers can trace their sale.
I have started to elaborate on those questions and more and we will soon have a private forum to discuss this here, meanwhile I'll post you more details. Jean

I believe a good solution for image reviews is to say: submitted images must have been accepted at one of the big four agencies. 

I would like to participate, but by now I don't have a Ktools store and my portfolio is too small thus perhaps not even worth using Ktools for micro.

Nevertheless, I hope this is a fruitful experience for those joining it.

Actually Getty made a good point.  It takes business savvy to run any business, and obviously Jonathan Ross has business savvy.  There are probably countless extremely talented photographers who struggle to sell photos because they aren't good at selling themselves, let alone selling an entire business.