That sounds very reasonable. So should we proceed into dividing the issue into smaller more approachable units and debating them on separate threads? What are the topics?

I'll put something here just to start the discussion:

Part I - Basic Settings:
A) Scenario
A.1 Era: When our scenario will take place, low middle ages? renaissance? Something different than earth's eras altogether?
A.2 Magic Setting: Source of magic, how common is magic, what can magic do and what are its interference on the day-to-day life.
A.3 Major driving forces / Uncommon effects / Themes: Like the Guilt that Haunts, reincarnation

B) Physical Characteristics
B.1 Basic world shape: Pangea? Craters?
B.2 Physics/Astrophysics: Is the world round? Does it spin? Have seasons? How many moons? Etc

C) Technical Details
C.1 Mapping approach: Who can map? How are we going to assign maps?
C.2 World division: How will we divide the world for mapping?