This is actually not a bad idea. I've graduated now, but I would always start taking notes on each reference at the end of my paper. So it's definitely fulfilling a need.

But I wish there was a lower threshold of participation--couldn't I sign up for an anonymous account, and then attach my name to it once I decide that it's useful for me?

Also, Inkscape and GIMP are free, and just as powerful as the Adobe suite, especially for making more basic stuff like icons or logos. Perhaps if you are into photo manipulation or use Fireworks for web design there is some benefit to getting the Adobe stuff.