I am very happy with the program so far. I only made 5 Star. However, I was in Europe on 7/11 (before the program even officially started). I was using "Le Swap" at LHR and Calais. On all three segments I got a substantial upgrade (I reserved manual and got a nice automatic).
I don't expect it to work every time, but I really appreciate Hertz leading the industry with this effort. (And I was very disappointed that when I tried to rent a Hertz car last Friday, in London, they were all sold out. The competition gave me a great car at a great rate, but I wanted to give Hertz the business so I could try for Presidents Circle.)