Just read back over this and it reads more like a commercial than I care for. Still, it is what it says. I do think this is a good thing, and would recommend it to anyone in an area they're doing it in.
Most of you out there know Game Stop, the video game store. In fact, there's likely one near your town. For those who don't know what an Edge Card is, that's fine because what it was isn't all it is now. Confused? Good. Now then...
The other day I hit up the old Game Stop in a nearby town. My Edge Card was about to expire, so I went to get it renewed. You see, with my Edge Card I get 10% off used games I buy, as well as adding 10% to the value of games I trade in. What's more, you also get a year subscription to Game Informer Magazine, which I very much enjoy. All that for $15 US. Not too shabby.
Well, I go up to the counter to renew it, and the guy says they're improving it. (Given the thread title, I bet you knew I'd get to that eventually.)
It still does those three things, which I already thought was worth the investment personally, though I do often buy used games, so it may not be that useful for everyone in that respect. I get next to no use out of the trade in boost. I do love the Game Informer though. Excellent read every month.
In addition now, it also earns you points that you can spend on various other things, mostly discounts on things. Here's a short list.
Points: 10,000
$10 Off Any One GameStop Purchase
Points: 8,000
$10 Off Any One Pre-Owned Video Game
Points: 7,500
$10 Off Pre-Owned PS2, Gamecube, or Xbox system
Points: 11,000
$10 Pizza Cash Certificate
Points: 25,000
$25 Off Any One GameStop Purchase
Points: 5,000
$5 Off Any One GameStop Purchase
Points: 4,000
$5 Off Any One Pre-Owned Video Game
Points: 50,000
$50 Off Any One GameStop Purchase
Points: 5,500
Adidas 2010 FIFA World Cup Mini Soccer ball
Etc. There are five more pages worth of stuff so far that I can add if there's interest. There's honestly not a whole lot I'm personally interested in right at the moment. I'll likely get the most use out of the 20,000 Points for a $20 PSN card myself. Considering I've made only a few purchases since I got it a short time ago, and I'm already at nearly 5,000 points, I think it was a good investment. If I only make enough points to trade for one of those a year the Edge card will still have paid for itself plus $5. I mean, I was going to buy that stuff anyway so why not add the points onto the stack?
It also enters you in a monthly drawing for the so-called "Epic Rewards". Two examples I can give: For last month, the prize was a very large HALO Reach statue, and $1000 gift certificate to Game Stop. Not too shabby. This month it's a Pac Man 30th Anniversary honest to goodness Game Cabinet. Yup, just like in the Arcade. And some other Pac Man stuff too.
Just did a little search for a bit more info. Here's a link:
Source. As well as my firsthand account, of course.
Apparently the program is only in beta now. As it happens, I live in the area they're starting out in. (Yay me! ^_^) But it says they do plan to do a larger beta before it all rolls out sometime next year.
Apparently, to take advantage of the point stuff you don't even have to buy a card. They'll be free, but naturally, the purchased card gets better stuff. The free card is just the points, not the discounts/GI subscription, etc. Here's a chart from the same site.

Basically, it's an upgrade to the already existing Edge Card. If you visit Game Stop often, then I don't see why you wouldn't want something like this. Might want to ask about it next time you're in there.