Sorry for updating late.
They still haven't automatically paid me out (there is no option to request a manual cashout), and I have almost 0.02 BTC.
I'd say it's safe to say that it is a scam.
I second your opinion, reached the payout requirement and still no payout.
Also went ahead and created a ticket... 9 days ago and still no reply.
I will say i like the proposition created by this type of payout system and might use this structure in some way at BITVoxy.com.