Yep, like you said, it's up to the individual. I've seen at least person doing a 365-edit project where they edit a photo every day. Not necessarily new and also not even necessarily theirs (though they do ask permission first).
Some people use it just to take any old picture any day, some people take more planned or elaborate shots. I probably wouldn't be happy just posting a general snapshot too often, just because I want to use the project as a chance to grow my skills. So my theory, I guess, is that it's a chance to grow your skills. If the skill you want to grow is editing, well, then I guess that's your answer