Summaries aren't too useful. On the other hand, commentaries and in-depth discussion might be useful. For example, I've occasionally thought of doing a chapter by chapter discussion of Good and Real, with additional material like a Haskell implementation of his Quantish universe (since I don't really understand it).

I should probably add that I'm opposed to the idea of a summary contest because it will cost a relatively large number of people a lot of time and gain them very little.

Mmm. Active reading of quality books is its own reward- the prize is for sharing the notes, and to raise the option to attention. It seems fine compared to a book club, but I agree that it's generally an economic model that favors the buyer over the producers.