I've dealt with PayPal since just a week after they originally launched, and back when there was no charge to make credit card payments. I thought about doing this for about 3 seconds when I saw the announcement, but there's no way I would get anywhere close to this. The miles aren't worth it.
And I have executives at the company I can call to get things cleared up if my account gets locked, unlike most people.
One final thing if no one read the details:
How do I receive my credit?
Continue to receive payments as you normally would. We will add up the transaction fees you incur on October 28, 2004, between 12:00:00 AM PDT and 11:59:59 PM PDT, and credit you for the total sum by November 25, 2004. Notification of your credit will be sent to your PayPal account's primary email address.
That's giving them time to investigate any questionable transactions before they credit them back.