I'm fancying starting an E6 game. For those who don't know what E6 is, it's a spinoff of 3.5 and stands for Epic 6; basically it's just 3.5, but 6 is the level cap, and every five-thousand or so experience points you get after that gives you a feat instead. It has a few feats unique to it, like ones that permanently increase ability scores, or allow a 6th level spellcaster to cast a 4th level spell once per day, etc. Alternatively, we might try something like E7 or E8, if we get to level 6 and people are interested.
Now here's the kicker that might send people away: I'm hoping to find at least two others among those who join who are willing to take turns DMing with me. I imagine that it would work something like: I will probably begin the game, introduce a setting and get the characters together, and run an adventure of some sort. Then, depending on circumstances, I would hand the reigns of DMing over to someone else, who would take up the role and run a quest/adventure of their own. We would each run a character as well of course, and that character would continue adventuring with the party while their player was serving as DM (unless the DM wanted to send them away or incapacitate them for awhile). Running a long-term story/adventure would be somewhat difficult with multiple DMs, so the campaign would probably take a somewhat looser form than usual, with the characters traveling, taking up a quest of some sort, profiting or being humiliated and driven away (or both), then traveling again.
Even in this format though, it would make sense to have some kind of long-term goal; something loose that would fit in well and provide quite a bit of freedom and room for variation for the DMs would be like searching for various pieces of something (a magical stone/artifact/etc)... But anyway, we can figure that part out later.
Now, assuming anyone is interested in this, here's a few more details. As far as eroticism goes, it need not appear at all (and a particular player can always say "no" to a certain encounter if he/she wants), but assuming it does, it will probably take the form of rape of one sort or another at the hands/claws/tentacles of monsters and savage humanoids, and may very well be a consequence of losing a battle (or just of being cute and unlucky). I'd like to avoid most of the realistic consequences of this, and instead treat it more like a fantasy-hentai, where the humiliated girls just dust themselves off and continue, without too much moping.
Characters will probably start around level 1-3 (open to discussion), with standard wealth by level, and roll 5d6 (taking away the lowest two rolls) for ability scores. Each character can start with a single free item (not exceeding about 2,000 gp) that has some significance to the character him/herself, his/her history etc., but the item may bear some sort of minor, unique curse as well, the exact nature of which the players should come up with and ask about.
A character should have a backstory (about a paragraph or more), physical description, and personality. Pictures are optional, but slightly preferred.
Edit: Character sheets should also mention the things that the player wants/does not want to have happen to the character, sexually. I personally dislike extreme pain, torture, and mutilation. I also dislike heavy bondage, but light (realistic) bondage (like being bound, gagged, placed in stocks, etc) is somewhat likely to occur at one point or another (though there needn't be any eroticism involved if the players are against it).