Well, I just got mine...
I don't mean to fan the flames, but this may be helpful information to those still waiting for their readers
timeline:
applied for card around 10/20/07
received 1st email on how to get my reader for 49.94 on 10/24/07
received card and signed up for sony rewards 10/28/07
unable to find PRS-500 on the website 10/28/07
called customer service on 10/30/07 and told to wait for an email with new instructions in a week or so
periodically, I searched for the older version of the reader (PRS-500) on the sony rewards website.
I finally found one via search on 11/27/07 and I ordered it.
Shipping confirmation via email on 11/29/07
Received a PRS-500 12/03/07
So for those of you still waiting for the mysterious email, I would suggest searching the website periodically, you might just get lucky like I did. For those of you whose orders were canceled, I don't understand it since you ordered yours before mine, and yet they shipped me one just now.
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