This was part of the Xanadu dream. Everything is pay per view in Xanadu. Turned out there was no real market for that.
I don’t think it would really work, but it wouldn’t be exhausting either. You wouldn’t have to put in your credit card number and address every time you viewed a document.
Really, "micro" payments are not micro at all! "Micro" should mean a thousandth of a dollar at most, with the assumption that volume will make up for the profit.
On the other hand, in the before times, people paid by the minute to a network provider (such as Compuserve, Genie, AOL, etc) as well as to their phone company to get online. I might consider paying per minute to access some high quality journalism... But then again, probably not, I'm cheap.
Facebook really perfected their version of it.