I quite like the idea of a very rare coin, and it works with the name as Iridium is one of the rarest elements in the earth's crust.
This is more like gold or bitcoin, than it is a TenX style project imho.
I agree with your concern about no premining for bounties though, hopefully the dev has a good mining rig.
I'm already helping him with graphic design and the coin's profile design and website. Should help with how the coin is perceived.
(Community contributions are always appreciated: ir34eDrxkdBQVRpSDPvGfQKYPSNxVyo1pHeKUjxLDuJDNymxcMUjcxKRsSxiurWLWRXz2ZxB15FzE6E Gt34QV3jC1sc4dTyHN ) 
You make a good point. I forget if Iridiumdev has posted any BTC addresses in which to send donations to.