I don't have a problem with his project. Why shouldn't he make money doing it? Can you imagine the amount of time and effort that would go into collating that much information and compiling it into an attractive and usable format? It's a daunting task. As for compensating the photographers....I think it's up to individuals. If I'm excited about just having my name in his book as credit for my picture, then why not? If someone feels that is unfair use of their pictures, then they simply need not submit.
I'll say this though...for everyone who wants that book, you should probably start saving your pennies now....cause that sucker is gonna be expensive!