This is brilliant. Often, people will come up with clever-sounding ideas for how to "fix" some part of the internet. "Just let people do X and it'll all work out!" The movie generated by this project is a perfect illustration of what happens: you'll get some excellent results from a small subset, the bulk of people will contribute in some small but productive way, and you'll get a small-to-moderate sized group whose members metaphorically relieve themselves all over your project.

It would be cool to do some followup projects. "Ok, that was try 1, now we'll add some basic moderation." It would be great to see visually how well that would work. "Ok, how about meta-moderation?" For a fairly niche project, my guess is that that would be enough to get to a presentable product without any fullscreen "Poop!"s. Then you do "ok, that was cool but the quality was kind of poor, let's incentivize with small amounts of actual cash."

It would be fascinating. Call it "How the Web Melts, Illustrated".