I like the idea of a trans-global graffitied comic done by different, random people that would be essentially impossible to read all the sections of. It's not the kind of thing that I'd contribute to myself, but I like the idea of it.
Generally I'm in favour of graffiti. If the choice comes down to look at a completely blank, bland surface, or looking at something drawn or written on that surface to give it a touch of individuality, in most cases I'd be happier to see the latter. Even if it's just something banal like a tag: at least it lets me know that a real live actual person passed this way once, and felt the need to tell the world "Hey, I'm here! Don't ignore me!"
In Melbourne we have some pretty awesome street art. The stenciling scene here is particularly famous, but there's other cool stuff, too: for instance, the owl illustrating
this article on Wikipedia, which is only a couple of blocks from my house (I walk past it every day on my way to the local shops). The best piece of graffiti I've seen was on Brunswick Street in Fitzroy, which is one of the most popular areas of inner-city Melbourne: one night somebody wrote a long, meandering (both physically and narratively) monologue in coloured chalk down the footpath of the main drag of Brunswick Street. It went for several hundred metres, and consisted of the author musing on various topics, interspersed with comments on what the author was doing at that moment of writing ("the cops just came past to ask what I was doing"; "I'm going into this shop here to get a drink" - with an arrow pointing towards the shop door). All day long you could see people walking slowly up the street, reading the whole thing, smiling to themselves and taking photos and pointing it out to their friends. Naturally, as people used the footpath the writing got worn away, and after a couple of days it rained and everything that was left got washed away. It was awesome.