I have never participated in NaNoWriMo, however, some year I plan on doing it. I think it is a great thing. To get to your 50k word count, you would have to write at least 1667 words a day. This is quite doable. 1667 words really isn't that many. If you break it up like that, it doesn't seem so bad. But when you say 50k words in one month, yeah that sounds like a lot.
Now, yes I think NaNoWriMo is a great way to practice your writing, and to practice writing quickly. However, I think that one should not just put lyrics in your novel, or your character endlessly babbling. Yes, you will reach the word count, but it doesn't seem like a legit way to do it to me.
But yes, as daunting as NaNoWriMo seems, when I find the time, I plan to stretch my writing ability and participate in said month. What do you think of NaNoWriMo? Is any one going participating this year or planning to participate next year or in the following years?