Has anyone heard of pay-per-play?

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Has anyone heard of this? It's supposed to be similar to pay-per-click. Advertisers will place a 5 second audio recording of their ad on your website and this loads automatically whenever someone visits your site. For every ad that gets played on your site, you get paid. If I'm not mistaken, payment is per 1000 cpm. I joined this site. It sounded like a good deal. But then after going through the forums, at first it sounded like there were a lot of broken promises. But then the last few postings I read implied that they were finally online in the last few days. Anyone has any ideas?