The main problem is that the time span of a full "campaign" is probably large enough that most participants won't really notice during their time there.
This would depend, in part, on how quickly the maps change and how long people tend to stick around with a server's rotation. Even if players come and go (which is very likely), I think it could still add some value to a TF2 experience. For instance:
(1) If the logical arrangement of maps is done well, it could avoid the "rtv" phenomenon of playing a map and then playing it again 2 map changes later. My guess is that people are probably (somewhat) like me in their playing habits, and will usually stick around on a server for at least 3 map changes (unless 2fort comes up :facepalm
. Moreover, having a sense for what map is next should you win or lose may raise the stakes. Sidenote: This gives me another thought - what if the victorious team gets to vote on which map to play next, thus introducing a bit of strategy to the selection? One choice presents a greater challenge, but a quicker line to the enemy's headquarters.
(2) Add a bit of depth to the RED v. BLU rivalry, as a player may come to feel an allegiance one way or the other on a particular server. After all, if you spent an hour or two on BLU and pushed RED deep into their own territory, there may be a personal sting and sense of loyalty when you later discover that RED has turned the tables. "Not in my house!" You scream aloud at your computer screen.
(3) As a purely aesthetic thing, TF2 already has a rich environment. The maps are often infused with a sense that they are somewhere, situated in the time and space of TF2's stylized world. Linking these locations together could take this a step further, so as the player moves from Badlands to Dustbowl to Badwater (say), they are encouraged to feel the RED/BLU conflict shifting across the Arizona (?) landscape.
So those are some good conceptual points that I can see. I can also imagine some more problems. Like whether or not players should be locked into a choice of RED or BLU as the map changes. Or should the choice be fixed until the campaign resets? Or how best to update the status of the campaign with a nifty little map (again like a TC map) to reflect which side has control of which territory. Is there a way to dynamically change the server's welcome page with an image that responds to victories?
I will look more into SourceMod. I have a sense that most of this can be done.