I think that this would be an interesting idea, and I've actually thought about it some before. Here some points that I've come up with:
I don't think that having a pay-for service would really be particularly useful. There are already services like Amazon's EC2 that could probably be set up to render Terragen stuff. Also, I doubt that Planetside wants to have to deal with running a distributed rendering system.
I think that an ideal solution would follow the similar logic to torrents: you get what you give. A system could be set up where each person would submit jobs to a central server, and that server would then parse it and send them out to other members. In the meantime, you would be rendering some things for someone else, and get time credited or deducted from your account accordingly.
The first system that came to mind when I was fooling with this a few months ago was Apple's Xgrid. It's easy to track and manage multiple users and their statistics, and also works very effectively over the internet. I even have access to the server software required to run it. The problems are that Terragen isn't currently compatible with Xgrid's system, and Xgrid is Mac only.
I'm not nearly as familiar with the alternatives (Condor, DrQ, etc.) and I'm not clear about their capabilities. You also have to be careful about how things will look when calculated on different platforms - differences in how processors and operating systems deal with floating point numbers can create significant differences in the same image.
The slickest situation in my opinion would be users uploading a project file and associated materials through a simple website, and then have it handle the distributed rendering in an easy and straightforward process. While I'm not as familiar with things on the networking side, if anyone would be interested in setting up this kind of a system, I would be more than willing to help with the web design and the bridge between the web server and the information generated by the job distributor.