Would a Serial Novel Be a Good Idea?

I’m thinking about serializing the next novel. Basically, just post updates as I go, chapter by chapter. The end result would be the same. When I’m done I’d post it for $2.99 on Amazon, Smashwords, etc. It’s just readers would be able to read it online for free as I created it.

I’m trying to figure out if this is a good idea or not, so here comes the brainstorm. πŸ™‚

Good points. This would be different for me, and different can sometimes inspire new ideas. Maybe comments people give could even point me in a whole new direction. And the few readers who look forward to my work (I know you’re out there somewhere) could have something to read in episodes (kinda).

Bad points. I’m sure there’s readers out there that would rather just have a complete book. Maybe the mystique of creating a book (if there is such a thing) would be gone if I posted serialized content. I can’t exactly put it into words, but I’m afraid a serialized novel could backfire somehow, although I couldn’t tell you how. πŸ™‚

What do you guys think? Would you read a novel, for free online, in serial format? A chapter here and there?