I've been seeing crap like this for a long time. They really work...for the con artists who put these sites together, that is. It rarely works for the suckers, and that's why it's still prevalent.
You have to buy a bunch of stuff from their partners to get credit for completing offers, and complete a certain number of them from each category before they give you the "iPhone 5". In this case, since it's such an impossible product to actually have, it's probably a bait and switch. If they give you anything at all, it is most likely just some cheap Chinese knockoff, or an IOU.
Basically, anybody who falls for it falls into this endless loop of "sign up for two offers from this page" then "sign up for three offers from this page" and then "sign up for just two of these offers", and so on and so forth.
By the time they go through 3 or 4 of these "just one more page" pages, they've already been had. They've given the spammer several dollars worth of referral money from all the credit cards, auto insurance quotes, and "free" trials they signed up for. It obviously still works to some extent because they still do it.