I've been offered a few of these jobs in the past. Several times. Usually they'll seak me out over one of my websites, or art galleries I'm members of. They'll send you a fancy, very professional looking offer through an email or whatnot, saying they have team members working on all these proffessional projects, working for disney, and pro animators, yaddi yaddi yadda. There'll be no money up front, but you'll get a cut of the final prophit. That is. If theres any prophit to be made at all.
I only ever said yes t othe first one. Being a naive little one who was extatic that anyone would want *me* working with them on such a big project!! I think I was only 16 at the time so it was really quite something! But then I got working with it. Found out that the lot of these folks I'm working with were merely other punk kids who didn't really know what they were doing, and didnt seam to really care. They just wanted to make a video game, and then hope that it might make them millions of dollars.
Lord knows what happened with it. I quit before I got in too far. I was frustrated that they didn't seam to know what they wanted *me* to do, and were very unnorganized and hard to get information out of. One of my worst clients ever! lol
The best advice I can give is actually get a lawyers advice, first of all, and get contracts signed if you - and them - are serious! I couldnt get my people to sign a contract for the life of me, which was when I started to think that the project really wasn't everything it was cracked up to be.
A lot of people out there are trying to do this too. They'll go searching for artists on websites like Elfwood and Epiloque, random people on the web, and send out emails to everyone they think might join to build the team. A few of my other friends have been pulled into similar situations, either as programmers, or modelers, and I've never seen a single game actually... become a game! I'd expect it would be very rare to create something and actually make any amount of money from it. There seams to be a lot of people out there looking to do this.
Anyways I can only tell you what my experience has been. I've been offered a few more jobs like this since then. And I've just started to chalk it up as artist spam lol If you do go for it, then I say GOOD LUCK TO YOU!!!! There's nothing that says this *can't* work out! But I really advice you get to see what kind of people your working with, learn more about their business plan, and how serious they are about this before you commit to anything.