Xeroer nailed it. I'm certain that all of the fun would be taken out of it. I've beta tested before and I know there are ads on g4tv like "cool! i get to play video games all day!" but that's a myth. You have to report things, you have to test boring parts, you can't show anything to anyone, you get to see things you like changed around on a whim, and most of all it can be anywhere from smooth to extremely buggy. If you do encounter a bug you have to report it, and then try to repeat it. You would have to run the character into a wall 100 times, then change his shirt and run him into the wall 100 times, then change the gun and run him 100 times. It can be really frustrating and you'll really bang YOUR head against the wall.
I meet the requirements but I'm going to pass on it for those reasons and not to mention I'm still in college ;p