Their members were racial (and, in Extrano's case sexual) stereotypes. The team consists of Betty Clawman (a disembodied head with ill-defined powers); the Spanish stereotypical gay man Extrano (who has magic powers); the plant man Floronic Man (who should be a villain, but isn't in this series), the Chinese Gloss (who has earth-based power that somehow involve dragons); flying, self-replicating, energy-using Harbinger (who accidentally killed her boss the Monitor); the English, electromagnetic field-controlling Jet; the Japanese cyborg Ram; and Green Lantern's pal Thomas Kalmaku (who gained the power to "bring out the best in people").
In the "New 52", a New Guardians team appears. The team are representatives of the various Lantern Corps. Members are Kyle Rayner (Green), Fatality (Star Sapphire), Arkillio (Sinestro), Saint Walker (Blue), Bleez (Red), Munk (Indigo) and Glomulus (Orange).
My references were Atop the Fourth Wall episode "New Guardians # 2" and the Wikipedia page "New Guardians".