As I have stated before, for the first time in human history, all of us have the power to reach millions of viewers in just hours. Think about this for a moment, just from the actors' perspective. Imagine a young James Dean, or Paul Newman or Marylin Monroe coming to Hollywood in the early 50's. They've done well in theatre in NY, maybe they've been lucky enough to have done some TV there, maybe they've done nothing at all. Anyway, they show up, get into some sort of acting class with a connection to a studio, eventually get signed to a "new actor" contract in which they are slaves to the studio, doing everything from extra work to under 5 roles to guest stars until hopefully...maybe...if they are good enough, pretty enough, cool enough or all of the above... the Gods of the studio ascend from on high and screen test them for a major role.
My friends, this paradigm has been shattered. Now an actor in the midwest in a town that no one has heard of can produce a web series that, if its a catchy idea and is promoted well, has a damn good chance of getting that actor work. A writer can start twittering funny things his dad says one year, get a book deal the next, and have a show based on that book the year after that. It's...mind blowing to say the least.
On the other end of the spectrum, the internet is a great place to experiment at no cost, with no risk. If your project is great, fantastic! Keep doing it! Build a Fan base! Get people to fall in love with you or to hate you! Just cause a strong reaction, man and your off! If it sucks, who cares?! You will have learned something and found out a bit more about what your audience wants! The worst that will happen is that it'll get lost amonst the flotsam and jetsam of the internet until it is rediscovered when you become popular for doing something genius.
So to sum it up, why do a web series? Why not?