We had a similar experience, and ended up out of pocket.
Sure, we got some really nice pics, but we paid $500 for the privilege, and we could have paid that amount with a professional photographer to get 100s of pics with the whole family.
Remember also that for every commercial they do get, you can easily have been called in to go to 2-10 other casting calls for the jobs you *didn't* get.
And sometimes those casting calls involve 2-3 different locations, in various studios (warehouses/sheds) which can be hot and awful, and your child is expected to smile and be happy the whole time... Sometimes with awesome photographers who muck around with them, help keep them happy etc, and sometimes with people who are *also* tired and cranky and frustrated, in non-weather-appropriate clothes, who seem to think you can magically make your child camera-perfect.
We went to a few, and soon decided the "operational costs" and time as against the amount of money being received were NOT worth it ... If nothing else, our tie going to the park, feeding the ducks and jumping in muddy puddles was being replaced by endless drives out to Docklands and South Melbourne to wait in a room for an hour before 10 minutes of camera shoots, then driving madly to the next place for the next part of the shoot, etc.
I also was quite shocked by the judgment of other parents - the ones who are asking what we were doing with our child's "hard earned money" (I kid you not) and asking whether we'd set up an appropriate trust fund, to manage my child's investment, etc. I made a somewhat tongue in cheek comment about the $55 having been deducted from DS1's debt to me for the $500 joining fee, the $25 parking fee, the $7 petrol, my time as chauffeur ... works can't describe the vitriol that followed from her, or the looks from the other parents.
All that aside, if it was something my child really wanted to do, because they wanted to get into acting or something, I may well view it the way I would soccer club or violin lessons - an expense in terms of time and energy and money, but giving them opportunities to find passions and meet new people and try new things.
If it's because you're happy that someone else has seen what beautiful babies you make, and you might be able to make some extra money, then make sure you're managing your expectations, and know what you are and aren't happy to do, and set a time for how long you'll give it a crack before reassessing whether you think it's worthwhile.
Before joining, I asked around here, and with some friends who have tried similar things (and my mum, who did catalogue stuff for all of my siblings) and I am yet to find anyone who actually made any money, or enjoyed it much ...
But I did hear plenty of stories from people who ended up with some nice photos.
So with DS2, we have elected not to sign him up, but just to take that money, and we'll get some professional photos done of the 4 of us
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