I got the same offer today. You get miles 1 for 1 from loans $10,000 and greater, but do have a 1% origination fee. There is no prepay penalty, so theoretically you could pay it off right away and receive the miles. It states it'll take 6-8 weeks for the miles to hit. I couldn't find anywhere that you had to keep the loan for any time period to be eligible for the miles.
$0.01 isn't too high of a cost compared to other manufacturing ways, but I guess it's a matter of whether you need up to 35k AA miles before the deval date (assuming it hits before then).
I myself am undecided after the recent deval.