I think it would work incredibly well for music. Think about your favourite song - and think about a moment in your life when you were listening and it affected you profoundly - how much was that worth to you? (probably more than whatever Apple / Spotify streamed the artist).

I honestly think Value for Value can work for all content formats - the big thing is though that it's not necessarily a replacement for other monetisation methods - it just augments it - especially at this early stage.