Well I was thinking about it, but the 50% reward is very selective so it might not be worthwhile, this sounds a lot like a sign up bonus represented in a different way. With that being said, I think Amex has probably the best kind of rewards that are on going.
Like Small Business Saturday 100% cash back upto $25 spent at a small business, and things like $40 cash back on $100+ spending currently at NY and Co. I recieved $100 in restaurant gift certificates from small business Saturday last year alone.
Interesting gimmick. Unless you were planning to pay cash for the rewards they're offering, this card is borderline useless. It would be like someone offering me a free PB&J sandwich "valued" at $1,000 after spending $2,000. That's a 50% "cash back equivalent!"