Player generated content passes all dev generated content within 24 hours
Since there's a forum for this game I put this here, but honestly its a good discussion for mmorpg's in general.
NWN from Bioware gave me a good feel for player generated content. Most were good, some were great, and some were horrible. But over all it was a good system that gave a lot of life to the game, and helped keep it feeling new instead of seeing people get bored rehashing the same content over and over every few levels.
I would put in a survey at the end of these things and the players with the best content each month would be rewarded with some free game time for their efforts. But I don't think I'd give players any reward beyond this, and I'd only give them a free month per individual mod that got voted to the top.
It will be interesting to see where this leads, but in theory it could lead to a lot of content to keep players happy while freeing up dev resources to work on balancing, new systems, etc. Overall I think its a good move, and if done right perhaps other games would follow this direction.