Yeah, you get 10% of things at the park... It's ok if you don't have an PAP. You do get double points for purchases at the park as well (If you get 80,000 you get a free trip to RPR!).
Occasionaly they will allow you the chance to free tickets to Universal Movie premiers (they go fast and they are limited). Once in awhile you get a freebie if you use the card during a promotion (got a free King Kong DVD). And they will occasionaly offer promotional low or no interest on vacation packages, hotels and tickets. But sometimes you need to book the whole vacation through Universals services, so that's rack rate.