A few years ago Sony tried to launch a loyalty program that offered interesting and unique bonuses to players who spent lots of time and money with PlayStation products.  It folded after a few months.  Now the company is ready to try again with a new loyalty program that requires spending even more money on a variety of Sony-related products and services.  Here's the PlayStation Blog with some of the announcement:

With Sony Rewards, there are a variety of ways to earn points. Members can earn points for every $1 spent when shopping at PlayStation Store, Sony Entertainment Network online store, and Sony Store. The Sony Rewards program also has great offers with a variety of online retailers. Members can earn points for PlayStation and Sony purchases at retailers such as Gamestop.com, Bestbuy.com, Target.com, and Walmart.com when logged in to Sony Rewards, while shopping through Sony Rewards Points Plus.

It's a good deal if you already shop at these places (particularly the PlayStation Store itself; over time those purchases add up to become free store credit).  The larger reward items are overpriced ($100,000 worth of points for a camcorder?), but that's usually the case with these kinds of loyalty programs.  The trick with these programs is to never buy something just to get the points.  Instead you should just spend money as you normally would and let the points add up on their own over time.  Don't rely on the program to bring in free loot.  Use it for the occasional freebie.  I signed up and know it'll be a while before I earn enough to get anything worthwhile, but I'm patient.  Hopefully this program lasts longer than the last one.