I've spoken to a lot of people about Photograph My Wedding and none have been very complimentary.
The concept of the site is fairly good, however thinking about it in a bit more detail and the alarm bells start ringing. In any one area there will be 10 photographers so any quote requests immediately put you in an extremely competitive situation.
Pushy sales people will also promise you whatever it takes to get you to take an advert so take anything they say with a pinch of salt.
The company is owned by Infoserve who have a variety of advertising based websites and they will offer reduced rates for advertising on these other sites, however none of these are wedding specific and have minimal response at the very best.
In my opinion you should steer well clear and save your money to invest in a more effective method. If you haven't tried pay per click advertising yet then try this long before you consider giving your money to Photograph My Wedding.
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This is a fantastic opportunity and one that won't come around again for another two years!