Open Source Data Logger Project Using the Arduino?

Has anybody taken on this project? I have a few ideas for a modular system. I think better resualts could be gained by using standalone ADC chips, combined with a modular system, you could just plug in the modules you need!

I'd be interested in making one if it was a competition or something.
I just dont have any need for a data logger myself though.

kg4wsv I2C would be a better candidate.
Up to 128 sensors with only two wires.