Redeem a Nokia N82 with 12,800 Citibank Gold Card reward points.
For a $500 phone, I say it's quite a bargain!
Normally with the same amount of points, you can only redeem a one-year subscription for a magazine!
UPDATED 10/12/2008
The new Reward Points needed is 130,900.
Previously, you could get Qantas frequent flyer points, and citibank was a good credit card company to sign up for this that offers no annual fees.
However that has since changed when they took of the Qantas FFP. Have already cancelled my citibank card.