We're doing this! We put it together on 10/1. DD made each strip some of their favorite characters. (Nemo came off tonight!). They each take turns removing a ring each night before they go to bed. Since DD stays up later than DS, she leaves it on the kitchen table for him to see in the morning (she leaves for school before he's awake).
So far they haven't gotten bored with it, nor have they forgotten whose turn it is!
We currently have it hanging on the wall in our family room. I took their picture with it the day they put it together, and I think I'll do it again when we're about a week away.