Basically, you get points for watching TV, and after you accumulate a certain amount of points, you get to cash them in for gift cards! You get extra points for watching featured shows, and if you watch live shows (like American Idol) you can play along with a live trivia game where you get extra points for every question you get right.
I was personally most excited about the Sephora eGift card. You need 14,000 points for a $10 gift card, which I accumulated in about a week. The thing is, I don't even watch that much TV. My little trick is that I check into the shows that offer the most points and either watch something else or turn off the TV all together. You don't need to actually be present for the whole show. I think this is a steal, if you ask me!