I finally redeemed my points for the first time ever also making use of this offer, think i got around 200ish points added.
Basically after searching around, my previously booked rental was a 3 day for $218, yet when using my points and getting two days free and having to pay regular price (no discount allowed on point redemption rentals) my 2 free days plus 1 paid day is $145. I guess any savings is better than nothing, but it really cheapens the worth of the points.