My friends and I do something like this. We just call it Boards Club. We meet toward the end of every day and talk through various topics, usually biochem or micro related since that's what we all seem to be getting killed in on UWorld. The basic strategy is to discuss a certain pathway and all the clinical implications of various steps. Someone will usually write the pathway/bacteria/drugs/whatever on a dry erase board just to keep track of where we are, but there is no set structure or order to how we review stuff. Everybody has a different resource open to add to the conversation. For example, today we talked about lysosomal storage diseases and lipid metabolism, and various people had a copy of Lippencott, FA, Rapid Review, and clinical vignette books. Once we think we've hit all the important points about a given topic, we'll quiz each other. My buddy has a few clinical vignette books (they're really short; I forget what they're called) that are incredibly useful for reviewing and summarizing and quizzing each other after our once-through a given topic.
I really love having most of the day to work through questions and study on my own, and still having an hour or two to really synthesize stuff with friends who may have a different way of understanding something. Plus, it really helps keep me sane not having to do all of my studying solo.
