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I think the Sony business model is living in the past, back when Japanese tech ruled the world and they were the leader in quality electronics. I mean, looking around their website for something to trade in for, I still saw cassette Walkman players and boomboxes, and I thought of trading for a new laptop, but even their netbook is $450. And after the $140 wifi Kindle, their only wifi model cost twice as much. Then I just read how they declared they were going to be the second-largest seller of tablets by 2012--even though they have nothing yet.
As for the trusting on sending in electronics, I think they're using the recycling deal as a way to entice buyers to buy high-ticket items like tv's or home theatre systems or fancy cameras, and they limit their possible losses by limiting the immediate e-coupon value and giving value higher than that as a gift card sent later, after they actually receive the trade-in. It's like a supermarket selling loss leader milk or something--some people will just buy the milk, but they're counting on enough people being tempted to buy more expensive stuff at the same time.
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