Game Informer has new information on a promotion that involves Xbox 360, gamerscore and real life rewards. I’m pumped about this. Here’s a clip:

Are you obsessed with your Gamerscore? Do you continue to play through a game, even though you beat it, to milk the game of every achievement point you can get? You played Open Season and Sneak King just to nab a few easy points, right? Well, finally, Microsoft is taking the wraps off the Xbox Live Rewards Program, and gamers will be able to pick up prizes just for increasing their Gamerscore or unlocking certain achievements.

The Xbox Live Rewards Program is kicking off with the Old Spice Challenge, and from Feb. 12 through April 12, 2007, gamers are tasked with increasing their Gamerscore by 1,500 points within a 60-day period. This challenge is a trial run–depending on how good the response is from this program, more rewards challenges may become available.

The Xbox Live Rewards Program is built on tiered levels. Depending on how high your Gamerscore is, you’ll be seeded in a certain level, and it’s open to both silver and gold memberships. Your Gamerscore at the beginning of the promotion–Feb. 12–will put you in a certain level, and by obtaining 1,500 Gamerscore points, you’ll be eligible to win specific prizes. The level breakdowns are as follows:

Level 1: 0 — 4,999 : Gamer Picture, Contra (Xbox Live Arcade), level bump to next level
Level 2: 5,000 — 9,999 : Level 1 package, 100 Microsoft Points, T-shirt, level bump to next level
Level 3: 10,000+ : Level 1 package, 200 Microsoft Points, T-Shirt and Fuzion Frenzy for Xbox 360.