I think it's a genius idea. It's different from some of the other craft swaps I've seen online, in that it's more of an ongoing process and is organized not around a particular theme but rather around what each of us as crafters enjoy making most--it gives us the opportunity to sample someone else's handmade efforts without the embarassment of having to hint for a gift (or the price tag of a custom etsy order!).
If it's OK, I'll make this a "work-in-progress" post, just because I have a couple other items I need to photograph before I offer them here. But here are several things I'd be willing to barter--join in and show us whatchya got!
1) A kids' superhero cape like the one above--we can chat about the letter for the applique and any color preferences, then I'll get as close as I can from my stash fabrics.
2) Women's (or I could make it for a kid) knit neckwarmer, my variation on this great ravelry pattern--I still have some wool yarn in this color, or I could do another color from my stash yarns--ask me!
3) Linen yoga bag, from the Lotta Jansdotter's Simple Sewing pattern. Again, we can talk about what kind of embroidery you'd like or I could do a patterned fabric, etc.
4) felted wool baby shoes--I'm not sure I have enough left from this same sweater, so we could talk about fabric and applique on this (I sound like a broken record here! the point being that I am happy to make any of these items to suit your preferences and my material availability).
5) bias tape! You could have many, many yards of the one shown here, or you could send a fabric and I could turn it into tape for you, if that process scares you.