Why hasn't this been done before?
Dracula in real-time, yo, starting from Chapter 1 as of May 3rd. Since the book is written as a series of journal entries, and is definitely public domain material, to blog the contents of it according to the dates they were "written" in the novel is an idea that makes you wonder why nobody's thought of it yet.
If you haven't read Dracula yet, and it's an excellent read (my favorite part is where Drac arrives in London--the description of the boat and the man who steered it in is just deliciously gothic and creepy) I would suggest that this way is no better than any other. You can even RSS it!