I guess I dislike Mypoints compared to eBates and Swagbucks because the gift card prices vary and they aren't an even exchange of points. $100 in GCs for Macy's costs 12,100 points or 121 points per dollar. $100 in GCs for Target would cost 15,600 points or 156 points per dollar. That is a 28.93% increase to get the Target card over the Macy's card. To me, it is still just $100 and so I am not valuing the money at Target as warranting the price difference. And because of this, I don't value Mypoints as highly as if I got cash back from eBates or SBs.
Mypoints also encourages you to build up a lot of points because the higher denomination GCs are then cheaper. I would rather it be a simple waiting period and then a 1:1 exchange like SB or actual cash back, as is the case with eBates. I favor eBates because I have aways had good luck getting credited and I know the money will actually pay out when they say.