Something to keep in mind when you start reading, Gaddis considered this a comic novel. Don't forget to laugh amidst all that erudition and fancy language.
And a call for assistance: Anyone know of a good summary or Goethe's Faust? I've never read it, but it has some connections to The Recognitions that I'd like to be a little more aware of. And since I don't have the time to read the whole thing...
Thirdly, if anyone else out there wants to join the club (you need an invitation to post entries but anyone is welcome in the comments), send an email to me or Rake or CAAF, and we can invite you.