I'm a little late to this thread, but I've had my Sony card since last summer when they offered the $100 PS3 credit.
A few things to mention...
YES, you can substitute any item up to $1000 from your wish list if you win the daily giveaway. Not sure why the poster earlier in this thread wasted it on a PS3. My wishlist is loaded with tons of items that come in just under $1000. I'm ready, just haven't won yet
The rate is AMAZING. I called all my cards recently to inquire about the rate and lowering it. Not only was this cheaper than Amex, Citi and Discover, but they GAVE me 1000 free points because they couldn't lower it. I didn't even ask for the points. So, if you have good credit, call and ask for a lower rate, and act kind of bummed when they don't give it to you. The rep's have the point power!
Planning a big purchase, might want to hold out for a promo... I knew in advance that I was going to get a new Vaio when I got this card, and later in the summer they offered a DOUBLE bonus point program. So, basically I was able to get 10X points on items purchased from Sony. So, my $2,000 laptop got me 20,000 points... Not a bad way to start! (FYI, I did have to fight for the extra points, as Chase and Sony kept pointing fingers at each other, this was a CHASE promotion. Whatever, just be diligent about what points you are owed!)
My ONLY complaint thus far has been what happened in December. I have been sending in my triple point requests religously for my Sony purchases (have we confirmed that ALL PS3 titles qualify??? I wasn't doing this). I have ALWAYS requested triple points and not "Purchase Credit". Then, imagine my shock when my points dropped to ZERO as they claim I asked for purchase credit. So, I called them, and they said they have no control and it already went through, sorry. So I got my credit, but was trying to save up points
Last but not least, PAY attention to the Monthly Reverse Auction! I picked up a lot of stuff from this, way cheap...