Just got this email. i went ahead and joined up, but it says redemption options won't be available until March, so can't see how good or bad this program is at this point.

Introducing Expedia Rewards™: Our new, free travel rewards program
We're excited to offer you an exclusive invitation to join Expedia Rewards™--our new, free travel rewards program, currently in beta test. You get a sneak peek of the program and can start earning points now, before it launches publicly this spring.

Enjoy flexible travel rewards--you're not limited to a single hotel brand or airline. Instead, you'll earn points on virtually all the travel you book on Expedia.

Join Expedia Rewards today

Earn Points Towards Free Travel, Plus Enjoy a Limited-Time Bonus
To get you closer to that first travel reward, we'll put 1,000 Expedia bonus points* in your Expedia Account when you enroll in the program by March 17, 2011.

The Benefits of Expedia Rewards:
Earn 1 Expedia Point per $1 spent Choose from over 70,000 hotels, 140 airlines, 3,500 activities, and customized vacation packages Continue to earn miles with your current frequent flyer programs Accumulate points even faster with periodic bonus point promotions Starting at 3,500 points, redeem for travel with no blackout dates beginning spring 2011