I have found the highest value for redemption being the gift cards. eR$70-eR$75 to get a US$25 gc. My wife and I saved our for about 15 months and were able to purchase a great video game bundle from GameStop to cover Christmas this past year. Good thing, too, as I am out of work. My heartburn is with the limit of redeeming that reward, which is currently only 2x/year/member.
Also got my wife some new lingerie using American Eagle/Aerie gift cards (and Shoprunnner via AmEx gives me free shipping).
I actually wanted to post today about something else. There was an announcement made that they have new magazine titles available for redemption. I hope that there is not one soul on this forum that ever redeems a magazine from e-Rewards. IF SO, YOU ARE THROWING YOU HARD EARNED POINTS AWAY. The same titles are all available from RewardSurvey, where you get RS$20 each week with a single 5-min survey. I have probably over the last year subscribed to 30 titles for myself (my poor letter carrier), plus multi-year subscriptions (by stacking them using the same spelling for the recipient, name) for all my family members. I have more RS$ than I know what to do with. I even called my local library and schools to see if they would accept gifted subscriptions, but they wouldn't (not sure why not...). If you can't figure out how to get that deal, please let me know and I will post a link.
If anyone wants a magazine subscription, free, no strings attached, please PM me and I can send you the list of available titles.