Well...
did the children of the members of the Beatles formed a band? how about the rolling stones? even siblings like the everly brothers (50s) or the andrew sisters (40s)? did their kids who are cousins formed a group?
so to answer your question, fat chance!
from what i know, i know only one "second generation collaboration group that was formed." the early 90s pop group Wilson Phillips (I find them hot!)were siblings of perfomers (the Wilsons are the daughters of Brian Wilson of The Beach Boys, while Phillips's parents are John Phillips and Michelle Phillips of The Mamas & the Papas.) thats all that i know. i know there are a number out there.
Honestly, I do like to see little barney and friends be together.
Indeed!