Very much not worth the hassle. I have a friend who tried it out and said that it was very much a marketing ploy. He now gets a ton of calls from telemarketers and other junk like that.
some friends of mine got me into this a few months ago. they had been doing it for over a year and swore it was legit. i was skeptical but i trustes these guys.
none of us get more telemarketers than before, and with the do-not-call list if you're on that you should be ok.
the only real work is cancelling all the accounts you sign up for within a small timeframe. if you can stay on top of that (it's not that hard) - you can rackup quite a few points.
i basically did it as a one-shot deal - ended up spending about $20 in $1-$2 fees to get about $450 worth of xbox games and new dvd's. the only work was staying on top of cancelling the accounts. everything took about a week and now everything's closed, i have my points, and the $330 in merchandise.