That's the understanding I have also of a circle journal, but I can say, having participated in several of them - it does get very expensive because you are mailing a book every single round (each participant sends her book around.) Also, unfortunately, if life gets in the way for one member, you may possibly not get your book back. (That happened to both Bookwood and I on a circle journal group we were in on another board.)
We could run it like a page swap, though. Something like this:
a) pick a size - say 8x8 or 8.5 x 11 (simply because it's easier to mail those sizes than a 12 x 12),
b) each participant picks a topic (maybe off Tami's list?) and does a two page spread including mats for photos but not the photosthemselves.
C)make the number of copies as there are participants. (Sign and date the backs so everyone knows who made what page.) Digiscrappers - you get a break here - you only need to print off the same page x number of times
D) send
all copies to the "point person" along with an SASE the same size
E) Point person sorts out 1 copy per participant and sends the new grouping back in the SASEs. If someone flakes and doesn't send in her pages - she doesn't get any back.
The benefits to this are - the Books themselves never have to be mailed. The pages only get mailed twice - once to the point person and once back to the participant.
Everybody gets all the pages.
what do you think about that idea?