For the sake of information sharing and helping people make an informed decision...
Disclaimer: I am by no means trying to discourage anyone from participating. That is not my intent.
Be advised that by submitting your photos for payment with no copyright or watermark you are transferring ownership and all legal rights to that photo to the website. That site then has the right to do whatever they want with said photos. This is different from "sharing" photos in a forum or facebook in that you have given that site limited use rights to your photo when you share it.
Just know that if the photo gallery deal doesn't work as planned (i.e. fails to make money for the host) he has the right to use all uploaded photos as he sees fit since he legally purchased the photos and all legal rights to them from you. If he goes on to make billions using a shot of your car (far fetched and completely unlikely but for the sake of arguement lets pretend for a moment) you have zero legal recourse to get any of the money. Much like selling a painting at a yard sale for $2 that turns out to be priceless.
Delivered 21 Jan 2013