Would agree with the OP that points.com is a missed opportunity so far. Too greedy on conversion rates and fees, take it or leave it. I get sticker shock every time I read anything from them.

Would imagine that eBay is underwhelmed by performance there. I sell on said system and never once have I hard anything from buyers about Anything Points. It doesn't seem like the program has generated much excitement. Far better to just charge everything on the credit card through PayPal (though they don't want you to do that) and take points on the card's program.

Ebay's missing the boat on incentivizing but, like points.com, is basically a monopoly not feeling competitive pressure, so it'll probably drag its feet, too.