Pokemon Nuzlocke runs

To bring peeps up to speed, a Nuzlocke is where you impose two specific rules on yourself in a Pokemon game:

1) If a Pokemon faints, it's dead and must be released, or at least never used again.
2) You must catch the first thing you encounter in every area. If you fail, you can't find another. (Optionally you can forbid duplicates, in which case you can look around until you find something you've never caught and must attempt to catch that instead. To that end, if an area only contains things you've caught before, you may not catch anything there at all. I normally play by this particular variant, though I once managed to bend it in a Yellow run... I caught a wild Kadabra in one area, then caught a wild Abra in another. Two Kadabras baby!)
3) Wait, I said two! It's recommended, though not mandatory, that you nickname them somewhat sensibly... you'll see why when you try it >:D

I've attempted these several times, and due to there being a certain amount of luck involved (never know what you'll catch, critical hits frequently kill you) I've only ever managed to beat a game (the original Blue to be exact) like this once. Ironically, that was my first attempt as well. All I had left was a Jolteon named Adam and an Articuno named Shiva. The loss I was most torn up about was Dizzy, my Pidgeotto, which is ironic because I normally don't care for that Pokemon.

It's actually a surprisingly fun way to play the game, especially if you're a bit tired of their samey formula. Has anyone else done this? Care to share some stories?

Of course I should post a link to Nuzlocke Comics for a rather kickass comic where someone plays it that way and takes some pretty awesome creative liberties with the plot of Fire Red. Harsh language alert, though.

I had a friend who was way into Pokemon who told me about Nuzlocke runs before! I've never actually beaten a Pokemon game, so I probably won't do this for a while, but I'd like to once I get good at those games! :P

I have always wanted to do one of these but never want to sacrifice my already hard earned levels and pokemon by starting again. Have they given the games multiple save slots yet?

No, they haven't. However, if it comes to it, nobody's gonna be mad at you for perhaps emulating a game you already own.

The other thing you can do is just start a new game and never, ever save. Some of the newer ones, I think starting with Diamond and Pearl, even prevent you from overwriting your save, and you have to manually delete it at the title screen before you can save in a new game, so you know those are safe. A Nuzlocke is essentially the same as hardcore difficulty or a roguelike so yeah. Granted it means leaving your system on standby plugged into the charger but you basically don't need to sacrifice your previous save to do it.

Of course, you could just play it on a gen 1 or 2 game where your collection isn't technically of any use any more as they can't be transferred to the newer games.