Candi--I have done two block of the month quilts. The first one was through a local quilt shop (a lot of shops do them and they go by different names-$5 quilts, block of the month quilt, etc.) If you purchase the first month's block kit and return the following month with your completed block, then you get fabric for the next block for free or a minimal cost. The point of the quilt is to get you into the shop---you will usually find something you cannot live without!! The block of the month may last 6-12 months and you can make a wall hanging or throw quilt out of your blocks. Normally the blocks are sampler style, but will have a theme--fall, Christmas, etc.
The second block of the month quilt I bought was through Keepsake Quilting. Every month they sent me the pattern and fabric for another section of a quilt. The 12th month was the borders and assembly directions.
Sometimes magazines will do a block of the month type quilt and will give you directions for a different section of the quilt in consecutive months (gets you to keep buying that magazine!!)
Block of the month quilts can also be done in quilt guilds-my guild in VA did a "basket quilt" and every month we were given another pattern.
A block of the month quilt can be a fun way to make a quilt without having to spend a lot of time on it all at once. You are making it a block at a time--and everyone has time for just one block a month!! It can also be a way to learn a new technique or method of piecing.