So far, its not going well
I've already noticed a few of the deals to get money back on the rewards scheme can be bought for the same cheaper overall price in Coles. For example, Coles had Kellogs cornflakes for $4 (think it was every day low price or might have been on special). Normally $5.75. Woolworths were selling them for $5.75 with $1.75 back on the rewards scheme. TBH I'd rather buy 5 boxes at $4 in Coles there and then than eventually get the $$ off a few weeks later on a Woolworths shop.
I didn't really use a reward card in the UK. Didn't have a Tesco or Sainsbury one. But thought their schemes made a bit more sense in how the points worked in the overall shop. Did like my Waitrose card though as it meant I got a free coffee or cuppa whenever I shopped. And some good deals now and again.
How are other people finding it? I shop between the two stores and just keep an eye on what is on special in each anyways and stock up if its something I use. So far I think the scheme is falling rather flat and needs to sort itself out quickly