Last year, "Life in a Day" was released - an ambitious YouTube project that put together footage from numerous people about "what it was like to be alive on the 24th of July, 2010."
Now, on Google+, there's a project going on called G+ LeapYear aimed at capturing a "day in the life of G+". It might not be quite as ambitious, and it may not have Ridley Scott behind it like the YouTube project, but it's interesting nonetheless.
The description is as follows:
A project to capture a small snippet of the lives and the world from the perspective of everyone here on G+. Everyone will take a picture of their small piece of the world on the 29th Feb 2012 and share it with the whole G+ community. This will create one never before seen photographic record of what the world looked like on one specific day in time. A record that forms a kind of time capsule that we can use to look back on one frozen moment in time.
The about page also provides the following instructions:
They say videos are OK if you keep them under a minute.
While the initiative comes from users, some Googlers are sharing it around.