When I was in college, I spent a good month watching ads on my computer in exchange for swag, gift cards and other rewards. Then those companies went out of business. Beezag is doing the same model a decade later.
Beezag's premise is to target 18-24 year olds—makes sense, since they're the poorest people with the most amount of free time to watch ads for cash—and give them prizes in return. The prizes?
Beezag then rewards them with discounts and cash which can be paid into accounts like iTunes, PayPal™, their favorite charity or even their personal bank account.
Unfortunately, payout rates were absolute garbage back then, and I don't imagine they're any better now. The best thing I got out of it was a shirt for GarageBand.com.
It's fine if you want to revisit an old business model that takes advantage of kids with no money, but don't pretend that it's some revolutionary thing you came up with now. The only thing new that we see is the Beezag bracelet they're giving away with an ID on it, plus an iPhone app that you can watch ads with on the go. [Beezag]