The following is a piece I found posted in one of the forums I frequent. It addresses the issue of model compensation and I thought is was a wonderful assessment of the real world issues:
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How to get work and get paid
Diversification in networking: Don't only rely only on ModelMayhem there is also OMP, Craig's list, Fineartguild.com, local networking parties and events, yahoo groups, MySpace, Tribe, workshops, night clubs, and other avenues to get your name out in several markets not just one. Remember networking is key, a lot of artists and photographer share names of models they have worked with. Do one workshop with 5 photographers and that is 5 potential photographers who may have a job for you in the future don't forget the photographer who is teaching the class as well. And better yet each of those photographers may know someone else who is looking for a person to play a bit part in the new movie they are having trouble casting.
Diversification in jobs: What genre do you want to work in? The real question is how many genre's CAN you work in? Art & figure modeling, runway, glamour fetish, commercial, now think outside of the box, there are many artists who need models not just photographers, sculptors need models, as do painters, and art teachers and art students, Some artists need models for body castings. Not all art is pretty and glamorous. I played a dead girl in a bath tub once. Some models also work with promotions passing out samples and information, or wearing new outfits by local designers to clubs, movie bits, and the good old fun job of go-go dancing.
Contacts: make your self easy to find, every photographer and artist has a different venue they go to find models some you meet on the street, some you meet in galleries some you meet at book signings. Always have your business card or comp card at all times I recommend a web site with email. Easy to say, easy to spell, easy to remember. Have your cell number usable at all times or get a modeling cell only if you are worried about privacy. If a photographer thinks of you for a project you need to make sure he/she can FIND YOU and contact you in 2 minutes or less. I know a lot of photographers who lament about the model they though of and don't have any info on. They can't recall the OMP number or the last name ...
Replies: Now you have photographers and artists contacting you. Reply back to them even if you do not want to work with that job. A simple no thank you I'm booked that day or I do not think that job is right for me but please keep me in mind for other jobs you may have in the future. Will do just that, it will keep you out of the little black books everyone professes to have. After each job send a little thank you email letting them know you appreciate the fact that they hired you and picked you for the job. This goes for studio managers as well as photographers. Sometimes just a "it was great to meet you" is all that is needed to get you on a mental list of models to work with.
Payment: Oh right you are doing all of this to get paid. Payment comes in many ways. Here is a fun little list I have been keeping up to date in all the crazy ways I have been paid for my work.
- Cash
- Prints
- Room
- Board
- Plane tickets
- Movie tickets
- Sushi
- Hair cuts, color, styles,
- Ramen
- Fresh lemons
- Fresh catnip
- Wine
- Clothing
- Free night club entrance
- Free drinks
- Books
- CD's
- Free trips vacations
- Spankings (That was special don't get any ideas)
- Tattoos
- Rum Soaked Truffles
- All the hot wings I can eat
- All the wonderful beautiful new places I have traveled to and seen.
- All the wonderful beautiful people I have met and learned from.
- The chance to be immortalized in art
Iona Lynn
Model
San Francisco, CA--------------------------
Quoted here with Iona Lynn's permission. 
