This sounds cool. From E.O. Wilson:

IN one sense we know much less about Earth than we do about Mars. The vast majority of life forms on our planet are still undiscovered, and their significance for our own species remains unknown. This gap in knowledge is a serious matter: we will never completely understand and preserve the living world around us at our present level of ignorance. We are flying blind into our environmental future.
Since the Swedish naturalist Carl Linnaeus inaugurated the modern system of classification two and a half centuries ago, biologists have found and given Latinized names to about 1.8 million species of plants, animals and microorganisms — an impressive number but probably 10 percent or less of the total. Rough estimates of the number of species that remain to be discovered range from 10 million to more than 100 million.
But a new project in biology, an ambitious effort to create a vast new electronic database of known species, should make it possible to discover the remaining 90 percent of species in far less than 250 years, perhaps only one-tenth that time, a single human generation. On May 9 of this year, a consortium of institutions from Harvard and the Smithsonian to The Atlas of Living Australia began compiling The Encyclopedia of Life, which one day will provide single-portal access to all knowledge of living organisms.