Right now it's in Beta and only available to Advisory Panel members and PSPlus subscribers, but this is exactly what it sounds like- a rewards/loyalty program similar to club.nintendo. There's avatars and themes as well as a trip to the CES to be had right now so it's getting off on the right foot- presumably there'll be a lot more variety in the options to pick as your said rewards when it goes into final release but it looks pretty cool right now.
Plus just got a lot more enticing I'll tell you that...
Playstation Rewards