Mypoints is a good program for me - I'm Canadian and lots of the shopping sections don't apply to me, so I can't spend much money online through Mypoints. However, in the US it seems as though you can shop for anything and earn points! So the points build up quickly.
I've redeemed for Olive Garden gc's and it's 1400 pts for a $10 gc. Most people here, however, save their points for Webcertificates, which are like electronic Mastercards. You can shop online with a Webcertificate (I believe you get an account set up with them once you redeem for some money) just like with a Mastercard. Others store up money in their Webcertificate account and when they have a large amount, they pay $6.95 to get a plastic card, so that you can go to regular stores and shop. (I think some have had success by printing out their webcert numbers rather than getting the electronic card.) In any case it seems like everyone uses these Webcertificates to buy Disney Dollars, or to pay part of their room costs, etc. A $25 one costs 3500 points. A $10 one is 1500 points.
If you know some Canadians

and want to send them something they can use, you can redeem 2675 points for a $25 (CAD) gift certificate to many useful places.
Surf around the Spend Points section to see how else you can spend those hard earned points. And don't forget to click every bonus mail you get (it's usually 5 points, but they really add up.)