Sorry if this is a repost, but I talked to Avis customer service today and this is what the rep said (some of which-yes, I know we already know ):

Avis First is replacing Prefferred Select
You need only rent 12 times in a 12-month period to be invited to join
President's Club/Chairman's Club etc still exist but for now there will be no "tiers" within Avis First
Same Prefferred Select legacy benefits apply, with one addition:
All rentals of 2+ days in any class since the inception of the program's "official" start date of March 14 will count towards the extra perk of free weekend rentals. Each 3 rentals of 2+ days results in another free weekend coupon for the Avis First member. All members receive their first coupon by signing up on the Web site.

Unfortunately it looks like the coupons are paper, but you can track their status when you log on to the Avis First Web site.

You must activate your account at www.avisfirst.com by the end of March to receive benefits retroactive to the beginning of the program on 3/14.