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There are six different levels of participation, and seven different categories of books to read. See Eva's post for complete details.
The challenge runs through 2009, and there will be mini-challenges and prizes each month.
I'll be participating in The Postgraduate Level, which means I'll be reading one book from each of the seven categories (Politics, Economics, History, Culture or Anthropology/Sociology, Worldwide Issues, and Memoirs/Autobiographies). Here are my tentative choices so far:
Team of Rivals, Doris Kearns Goodwin
American Lion, Jon Meacham
The World is Flat, Thomas L. Friedman
The Audacity of Hope or Dreams From My Father, Barack Obama
I'll post a more definitive (and complete) list later.
UPDATE: The List (will add to it as I find more books)
The World is Flat, Thomas L. Friedman (Economics)
Song for the Blue Ocean, Carl Safina (Worldwide Issues)
Zlata's Diary, Zlata Filipovic (Memoirs/Autobiographies)