They say that their thinking is that payola has been a big piece of the music business promotion for most of the industry's history, so paying you to listen is just a modern extension of the practice.
Personally, I think it's great out-of-the-box thinking and a great promotion. They're basically getting you to sign up for their mailing list in the hopes of winning some money, you're hearing their song, they're getting some much needed publicity, and their clever video explains the whole thing. It's just a repulsive enough idea to actually work, providing that the song is good.
To me it's a good, not great song, but the production and engineering is great. Regardless, the campaign gets you there, and the song is well made enough to make you want to hear more. Check out the newlowformusic.com site and listen for yourself, and maybe win $35.
Check out my Big Picture blog for discussion on common music, engineering and production tips and tricks.