Plus collaborative efforts often are a lot of fun. Independent designers can get pretty isolated and proprietary about their work, so doing a collab is a good way to see what other people in a similar situation are doing, and to swap tips, kvetch, brag, and cut up. It definitely helps increase your return as balanced against the time one puts into a show and the costs of putting on the show. Also, with several designers showing in the same venue, there's a better chance of offering something for everyone. My offerings were a bit butch for last season--a lot of utility-wear-inspired gear...cargo pockets in every size, in lots of locations, straps and buckles, and a very brown palatte. One guy did loads of PVC and fetish-inspired stuff--a little Gaultier-esque. This one really far-out woman there did deconstructed formalwear, with canvas interfacing and boning showing through sheer panels, and fuzzy, inside-out seams, while another did straight-up fantasy eveningwear.
Are you an organizer and leader type of person, or are you better as a go-between/diplomat? Are you a creative mind, but not so good at getting an idea out of the clouds and on firm ground, or are you the sort of person who brainstorms elegant solutions in your sleep and wakes up and has them in the works by noon? You'll definitely want to evaluate your strengths and modus operandi and see where you fall short and where you excel, and maybe see about gathering a few other people to work with you who have what you lack.
In the collab I was involved with this past spring, I discovered that I'm not very good at promotion, that I was probably the best actual craftswoman there, that my designs are a bit tame, but ultimately pretty marketable because they're essentially appropriate for the woman on the street. I learned that I don't have a lot of patience for "flaky" people who say they're going to do something and then forget, or who big up their skills, then do a halfassed job at their so-called specialty. It was overall a cool experience, and I am planning on getting in on their spring show once again. I missed the fall show due to a time crush. The local indie/underground newspaper always covers these shows, and they're essentially the audience I would be targeting, anyway, so it was an ideal situation.