I think ktm said it right...there is no free lunch.
Remember, the losses and commissions/fees you rack up during the learning stage will have to be paid for first (out of your share of the profits) before you ever see a dime. Its easy for someone new to trading to hear the sales pitch and think, "Wow, if I make $100k and I get 60% then that's $60k...much more then I make at my job at Taco Bell." They forget that there might be 6 months or more where they lose money (and much longer (if ever) before they hit 6 figures). If you drop $30k during the infamous learning curve, you've got to make $50k + enough to cover commissions just to break even (with a 60% payout). And that's assuming they let you hang around long enough to make it back. And you at least have to have enough money to live on while all this is happening (remember, when you quit Taco Bell, you lose the food discount).
I remember Hitman mentioning that sometimes his firm would forgive large deficits and let someone start flat again...I can't imagine this happens much, and probably only for those whose losses were equivilent to the commissions they had paid the firm. Otherwise, why would a firm throw good money after bad?
This is just my take on what I've learned about prop trading over the last couple of years, mainly from members of this website. Since I haven't traded for a prop firm, I defer to anyone with personal experience if I am incorrect. Personally, if I ever went pro, I would go with a firm that required the $25k. Fees are better, payout is better, and they seem to have a genuine interest in keeping you around for the long term.
