I think that this sort of deal would be very enticing, wouldn't it?
If you ask anyone with expierience they will most probably refuse to work under such a revenue sharing scheme. MAYBE you get students to agree to it, because they don't know better yet, or because they don't care and just want to build expierience and a portfolio.
As to WHY its generally seen as a bad deal, well.... the chance on ANY game making serious money in the market is slim (unless coming from wellknown dev/publisher, using a wellknown license, or sequel to a wellknown and proven series). Working on a game where you are promised part of the revenue while not getting a regular hourly wage is thus basically doing free work in most of the cases. Even new artists most probably know they can get a better deal than that when doing freelancing gigs for cheap.
Even if the game ends making its money back, that is deferred payment, and chances are still high that even after years the total compensation is way lower than what the artist would have gotten through hourly rates.
Also, you are asking the artist to take on the same risk as you as entrepreneur do, but do they also get the same leverage over the project? Are they partners, so to speak, able to influence what project you are working on, what platforms you release on, and so on?
If you really want to have people work for free, don't rule out the hobbyists. Your search will be hard enough including them I would guess. And you will be asking for trouble anyway, given that there is little motivation for the guys you do find to stick with the project, or sign over their copyrights to you.
Else, if you DO have the money, I would rather be prepared to pay more upfront and pay hourly wages, while dropping or minimizing their revenue share. Revenue shares usually only fool the unaware, or work in a tightly knit team of people that started a project together.
Instead, offer a good, competitive hourly wage, appropriate for the skill level of the artists you are targetting, and keep in mind the lower you aim on the skill level, the longer the guys have to complete the same task, so you will not save much money in the end (if the artist starts to get more skilled, he will likely start to ask for more money, as he might as well look for a higher paying gig elsewhere).
My 2 cents.