I signed up. I haven't really found a lot to purchase. I have 52k points. Many of the hot deals sell out fast. Unless you are looking to buy a product offered already (points can be used to reduce the costs), its not as many points as you may think.
Most of the non-dollar bids increment up to 10 second count downs during bids, so point only bids that seem worthwhile don't end for a long long time and go for a lot of points. I think most people have 50-100k and some folks have more. You can't just enter a bid either and walk away.. you need to keep upping it and camping the site.
Its probably worth signing up but don't expect anything of worth for straight 40k points.