What kind of game are you guys going to create?
I am working with two ideas: turn-based strategy and arcade (action)...
arcade is good for starters....but if are really interested and want to build a challenging game then u can try a
1.Real time strategic or
2.First person shooter Game...!!
Real time strategy is a great genre for starters because you can get away with 2D (not sure about FPS). Basically if you can implement an isometric perspective you can make any number of genres based on that, like adventure, RPG or even a racing game (might not turn out great :P).
Personally I'm going to stick with RPG just because I've always wanted to give it a shot.
I am working on a First/Third Person game. Mixing the modern world, guns and such, with your medevil elves and such.