I'm not impressed actually.
Pretty much everything they are letting people decide on is easily reversible. Piercings can be removed, as can tattoos. Chances are part of the agreement is for the company to reverse whatever is done as a result of the contest if they don't like it once it's over.
It's like this, if someone offered me a million dollars to have pictures of sex organs tatooed on my face and the image put on the internet, but would also pay for laser surgery to have them removed... well I'd do it in a heartbeat.
Now, I'd be much more impressed if they paid some guy to undergo radical reconstuctive cosmetic surgery along with this, along with the internet consensus about the piercings and tatoos. Basically something that couldn't be reversed.
Say offer some dude 10 million dollars to willingly be put into an artificially induced coma and be used as a blank slate for the internet... with no idea what he was going to look like when he woke up and his payment being contingent on him not reversing the granted apperance for as long as the game runs so he could appear as it's mascot.