I love spending my points. The only physical thing I've gotten was a Minecraft wallet, it was great quality and lasted all the way up until I got white girl wasted and lost it. Other than that I use it for coupons, if you wait it out you can find some good ones.
I always find it funny how people would go out of their way to say not to shop at Gamestop like they have spme sort of vendetta. I've yet to hear a valid reason from someone as to why buying from Gamestop is a bad thing.
Anyway, I've been looking at the Powerup Rewards page and see nothing of real interest (to me). I would perfer if they brought PSN cards back or added addons (DLC) for games.