I've thought about it but never got it organized. There are numerous administrative issues, such as: who is the legal entity that will contract with the colo provider? what do you as a co-op do when a member can't pay? Who will spend the several hours every month forever consolidating the funds from members to the colo? Who pays the excess during months when some sections are vacant (e.g., what happens if one member pulls out 10U and it takes you a few months to replace them?)
I have pricing from one of the colo provider which is

Full Rack30A 110V AC Power
Remote Switch PDU
100 Mbps Dedicated Unlimited Unmetered Bandwidth
$2199/month
How many U is that "full rack"? I think I've seen "full rack" describe several different heights of racks. A 1U server would cost $2199/n. If n=48, that's $45/month, which seems quite good for unmetered! If n=30, that's about $75/mo which is still not bad for unmetered.
Again, assuming 100% usage.

I'm sure there are other issues to consider...



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