I am not at all opposed to this option and when I started this opportunity helped me practice my craft, network, and build my resume. However you need to be somewhat selective to what you agree in regards to these terms. For example; if the shoot involves you wearing or doing inappropriate stuff that you would not be able to show your mother or show a potential client....then I would steer away from that job. As a new model ( and this new digital age), you need to guard your image because people/companies will judge you from work you put out and showcase.
Overall... if you are not getting paid, or do not have the opportunity to obtain the pictures as payment because they are unprofessional----rethink the freebie. Thanks to the internet a bad picture can haunt you for the rest of your life
ModelMayhem.com is a popular website for makeup artists, hair stylists, photographers and models. If you click on casting sections, you will see numerous TFP/TFCD gigs all over the world. This site is great because you can see pictures of their work and that can let you evaluate if its worth it, before taking that next step.
End Note: I believe that the best way to becoming a better model is to practice...but choose wisely.
This is a picture from a TFCD project. Hair, Makeup & Photographer all found on ModelMayhem.com.