The rules are simple. We pick a model, each of us buys a copy of that model (we haven't been picky about things like exact poses and equipment) and paint it up. The finished results are posted on CoolMiniOrNot to be voted on. Whoever gets the highest score gets to pick the next model we paint... and repeat.
The current model is a Dark Eldar Mandrake. The three contenders can be found here;
So please, vote early and vote often!