Marcus did a great job expanding on the points I made earlier. This is a commitment. A commitment that involves trust, time, dedication, and passion.
The upside is that you get to see some cool stuff early and play around with it. You also get a huge chance to influence the game you love.
The "downside" - or, more accurately, the "expectation" is that you will do what is asked in a timely and thorough manner - namely sharing your honest feedback and bugs you find in an objective and clear manner as you play. The assumption of absolute secrecy (what happens in beta stays in beta) is equal parts assumed and backed by a standard NDA.
An NDA is only scary if one plans to violate the trust and secrecy...and if that is one's plan, then that would kinda make that person a bad candidate, right?
Just getting a feeling that folks might be getting the wrong impression in a negative sense about the necessary protections present in a beta testing relationship.
I can say from experience that if you plan to be involved, engaged, responsible, and trustworthy - testing with this team is an amazing and rewarding experience.
Thanks for all the interest folks!