I think the idea of an ebook sold for $10 about a school is a brilliant idea. Sound similar to ClearAdmit.com - only from the student/admit's perspective.
What would happen in 2 -3 years (or more) when M7 schools have 12 guides so no one really wants to write one for it, even though they may have useful information not in any of those 12.
If there was a time limit on how long a user's guide was available...such as if you're a student entering fall of '09, then your guide gets taken down Dec. 2009. This would make room for new admits to place their information on the site Jan' 2010 for people applying fall of 2010 to buy.
(Devil's Advocate)
What if you have someone that writes an absolutely fabulous guide? The point is to generate quality material. If something is quality and really helps applicants, it doesn't seem right to impose an arbitrary deadline on that ebook's availability.
My Conclusion:
Pretty much anyone that gets into a top 15 school is going to be making 6 figures after graduation. We're already poor (in comparison) so I think we should keep contributing out of the goodness of our hearts. We need to develop the Wiki part of the site with this type of information. Can we give kudos to people that contribute to the wiki part of the site? If we can, I still don't think there is a great way to turn that effort into cash.
Sorry, more questions than answers.