Branding in the hands of the public-smart or not?

Pepsico is asking consumers to decide what a new variety of its Mountain Dew soft drink should look and taste like in an online promotion it's calling "DEWmocracy."
Consumers will have the power to select the flavor, color, name, logo, label, and tagline for the next Mountain Dew.This online experience includes a story-based game that features a live-action short film, and an animated story presenting various challenges that will give consumers the tools to develop every aspect of the new drink. The core idea is this: players have to complete the challenges in order to develop the new flavor of Mountain Dew, with the twist being that next year, people will vote on the best ideas, and the winner will actually be produced.

The firm in charge of this campaign, Protagonist, is targeting the the 18-29 age bracket, nicknamed "Millennial" consumers. They're also going after other Dew drinkers, and online gamers.

"To the best of our knowledge, a brand has never given consumers this much control," says a company representative. "We felt that the best way to fully engage consumers would be to give them the power to create a new product." (source)

Pepsi will hype the game mostly through online sources--although the company has prepared a 30-second television spot and outdoor executions to promote "DEWmocracy," according to a company representative.

I can understand wanting to involve your brand loyalists to help drum up some excitement about a new product, but to leave a product's complete development in the hands of the general public? What do you guys think of this approach?

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