That's all well and good, but what nobody ever seems to realise is that the artist is getting something too. I would argue that while art is important, writing is far more so. Pretty much all the most succesful comics I know of, with the exception of Hellboy, are succesful because of the writing, and a hell of a lot of them have some pretty atrocious art. The fact is, people will forgive poor art for good writing (think much of Sandman, Powers etc), but very few (none that I know of, in fact) comics succeed based on the art despite awful writing.
The only time a poorly written book will do well is when it's already an established and popular property (think Loeb on the Ultimates), and fans will suffer out of loyalty or just so they don't miss anything important before a decent writer takes the reins back.
I agree that the artist should share in the spoils, but I get so sick of artists disregarding the importance of writers, or thinking that they can write themselves (some can, but a hell of a lot that try can't). If you want to make it into the industry, the best thing an artist can do is attach themselves to a great writer with a great idea. That's going to land you industry attention you just won't get sending in random submissions.