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The only issue I see with the 'everyone has the same start but each does a version' is the joy of doing the chain game is (unless you're the last person) knowing the others will play your bit, and really grow to understand it in order to do their own bit. If we all make little games we could certainly promise each other we'd play all the versions but it doesn't really have the same feel.
BTW, Wrath of Gaia was made 10 years ago lads.
Maaaaaaaaaaaaaaaaaaan I missed you.
Maaaaaaaaaaaaaaan I missed that welcome.
Is it time?
I'll get started on a pretty standard high fantasy one