They only offered it to 5,000 prospective customers, but Inc. magazine reported their recent attempt to mimic Radiohead's pay-whatever model produced dismal results. In fact, "the mailing produced a third fewer new subscribers than the magazine's standard direct-mail piece," according to Patrick Hainault, Inc.'s director of consumer marketing.
Hainault noted that Inc. did a poor job of hyping the offer in the mailing. He made another statement that's perhaps the most important point: "Unlimited choice is not, in the end, a good inducement. Consumers want a buying decision to be made simpler, not more complex." He went on to say that, "when you give people multiple choices, they freeze."
I hope other content providers will continue to experiment with this model. While I think Hainault's points are valid I still think someone will eventually find a way to make this a viable option.