Is Greenzap just a pyramid scheme?

I imagine quite alot of you have heard of greenzap.com, it's an alternative to paypal that's launching in the summer. However, I have doubts that it's actually legitimate myself. "Too good to be true" comes to mind when visiting their website, they offer $25 free for everyone who joins for a start.

There has been speculation on other websites and forums for a while now, it offers a very extensive referal/affiliate scheme as well, to me it looks like a glorified downline/pyramid system, who remembers that internet scam a while back? (I assume it was because I haven't heard anything more about it!).

What's your take on this? Anyone signed up?