I'm eyeing some upcoming exchanges and finding myself going, "I don't really care to get any of this stuff... but it'd be fun to write!" And I know some people who hang around _coal have done no-signup, treat-only approaches to Yuletide some years.

So, how did that work out for people who have? Do you end up having more fun (no obligation! don't care about what you're getting!) or does it end up feeling like no reward for the effort? Or do you not get anything done because there's no actual deadline? I've got a while yet to decide, so I might as well get the informed, measured opinion on exchange etiquette and strategy that _coal always provides.