The new revamped Xbox Live Rewards program is here, replacing the old program that revolved around now-defunct Microsoft Points. The new system will reward users with Reward Credits which can be traded in for Microsoft Money. There are also new ways to earn rewards, including playing new release games.
5000 Rewards Credits are equal to $5 USD. Playing new games for 10 hours within 30 days of their release will reward players with 1000 Credits. Note that this only applies to disc-based games, meaning downloadable titles do not apply. This also curiously disqualifies full Games on Demand, which somewhat removes an incentive to buy games digitally.
The normal paths towards rewards remain in place, including the MyPunchcard program, renewing Xbox Live Gold, and filling out the monthly survey. Also, VIPs will still see a rebate on their purchases, based on their Gamerscore.
To check out all the details, you can visit Xbox Live Rewards.