Web comic pricing/advise

[http://users.livejournal.com/_reddie/]

I hope it's alright to post this here - I'm looking for some advice on web comics.

I was approached by someone through e-mails about being the new artist for their ongoing web comic, since their previous artist had completed their part and was moving on. I have already decided not to take the job, but for reasons completely unrelated to pricing. However, it did pique my interest when I realized I had no idea what sort of pricing to apply.

He offered me $25 per panel - something about 2x4. With approximately 5 panels per page, he said that his script (already mostly complete) called for about 26 pages, meaning I'd be compensated $3000-3500 for a small comic book. He did not mention at any time compensation in book or product sales.

Each panel would have backgrounds, multiple characters and full color, and I would be in charge of layout, lines, color... everything from a-z, but he wanted final say.
Here's an example of the type of line and coloring that I would be doing:
http://www.furaffinity.net/view/3052868/

I'd appreciate any advice or experiences! I'm not planning to do this job, but I'd love to do something similar in the future.