+1 from here as well ... it can really help spreading out the workload on small fixes. And it provides easy access to all relevant versions for those already familiar with git.
You might even get away with less (but bigger) releases, meanwhile giving testers the opportunity to see new features before putting it on the download site.
The only difficulty i can see atm is that this mod grew from a collection of other mods. Cloners/forkers might not be aware that a specific part was made by somebody else, and give false/misleading credits.
But don't let this discourage you, it is probably a virtual concern since it can be applied to the current way of distributing as well.
Besides this point, i think HellRazor mentioned on the IRC that he was thinking of doing the same with his mod (not sure if he already succeeded). It might be advantageous to share experience. Heck .. if you manage to come up with a clever repository structure, it could become quiet easy to share those changes that overlap.
All in all ... Lead the way, and us rookies will follow
P.s. If necessary i can help out.