I noticed today that they have beefed up the information in the eleVAte section of the website (including specifying the program's terms and conditions), although there isn't any new information on redemption. Still, I wonder if this means full details are coming soon.
This appears to be new (or I never noticed it before):
Point Expiration Policy
Your points are easy to redeem but they do expire. You will have up to 18 months to use them after they post to your account and they expire on the last day of the month. There's plenty of time to use them, as they do not begin to expire until 2010, 18 months after the start of Reward redemption.
Interesting. It's a frequent flyer program "unlike any other" except that it's pretty much the same as Southwest with a shorter expiration period. Not promising.