Interesting deal, however, applying for, and getting approved doesn't mean you'll get your share of the billion miles. They even state so right in the marketing, and not the fine print:
Originally Posted by c1
1. Apply for or upgrade to the Venture card during the Venture Match My Miles Challenge. Upon approval, you'll receive an email with further instructions.
2. Register online and submit proof of your airline miles as fast as humanly possible, so you don't miss out on your share of the one billion miles. Most major domestic airline credit card rewards programs are eligible.
3. Spend $1,000 within 90 days of being approved.
Regardless, I'll give it a shot.