This looks like a trojan horse to allow Getty to gain a wide foothold around the web in a way they can control. There is nothing to stop them — in fact it's in their TOS — from adding ads to the iframe at some point. They will then be in a position of monetizing their images in a different way than licensing them, which mean they probably will not need to share revenue with the photographers.
Getty is currently owned by the Carlyle Group, which makes me wonder if this is part of a grand strategy to break the company up into sellable pieces. Having a segment with a internet-friendly, sharing, youtube-esque, business model and no existing liability to contributors is probably pretty attractive to them.
But my guess—nobody wants their nasty embedded frame on their site and this will be a dud.