I was talking about this the other day. It's really not an incredibly hard task; it would be time-consuming; but if resources were pooled together... it doesn't have to be all that expensive either.
I think it would be cool to avoid the main digital outlets (iTunes, BeatPort, BandCamp, etc)... and to build a label site/digital distributor that doubled as the label and the outlet. Artists would make a lot more off of each download because there wouldn't be a huge pile of people in the chain to pay off, and it could really catch on if a lot of talent got together on it.
I was a bit concerned about getting enough exposure for that sort of project, but with the increasing popularity of SoundCloud, and the ability to post "buy" links... with a few popular tracks the place could really blow up.
You could take it a step further and add management/booking/etc duties to the label... but generally artists have those separately anyway. However, if the place picked up to a good enough extent... a few well-networked individuals could easily get that moving as well.
Just have to think outside the box... I've heavily considered doing something like this.