My LS has been doing this for a while now, and it has been working out very well, and is a great way to get people at all levels in your LS together to do something. A few things:
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you dont need to have completed the promyvions to partake in this.
While this is true, if you haven't completed all three Promyvions, you have to worry about erasing your memory in order to enter each Promyvion area. This can get a little annoying.
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You do not lose xp if you die in the ENM.
While you don't lose XP for death inside the ENM fight, you
do lose XP, capped at the XP you would lose at level 30, if you die on your way to the spire where the ENM is located. It should be easy to get to the spire with a competent group, but mistakes do happen. To play it safe, I would expect to die at least once on any job I take, and plan accordingly. (ie: If you're only 100 into level 30, you might want to bring some level 29 gear with you). Deaths are rare, but they do happen.
Also, while you don't lose XP in the ENM battlefield, you
do lose XP if you die after exiting the battlefield. Even worse, this area is uncapped, and you will lose XP at the full level of your job if you die here. This is
extremely rare, but it's happened to at least one person in my LS. You have a close call in the ENM, someone makes a mistake, or whatever. You win the ENM, but you're nearly dead and poisoned. You open the treasure, get deposited outside where the level restriction wears off and... death.
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Each completed ENM gives 3k xp, clusters, and an item that we trade to NPC for the lv 35 earrings.
Each of the Promyvion area ENM's gives 3k (other areas give more or less), but only if you are ALIVE when the treasure sphere thing is opened. If you are in Merit Mode, the XP will count as Limit Points towards your next Merit. The ENM battles are quite easy, but deaths do happen.
I advise that all WHM's take a Scroll of Instant Reraise with you, and use it AFTER entering the ENM arena. (If you use it before, the effect is removed when you select the ENM battle you want). This way, you can reraise yourself and raise any fallen party members so that everyone who comes along gets the 3k XP. It really sucks when you die doing an ENM, and everyone else gets the 3k but you don't. There is plenty of time for the ENM battles, so be sure to take the time and raise any dead before collecting the treasure.
The clusters are a 100% Drop. You usually get 3 of them, but none of the clusters are worth much. The earrings are worth a lot, but the item for the earrings has a fairly low drop rate. I've only seen 2 of them drop out of the countless ENM's that we've done so far. If you're going to do these ENM's regularly, do it to gain some XP on a job that needs some XP or Merit Points, not the loot.
If you want decent loot, the level 40 ENM's in Riverne Site #A01, after you've completed all three Promyvions and the Phomunia Aqueducts mission, drop some nice gear, as well as 2500 XP.