Wheel, I respect your opinion and being in this industry for many years, I see where you're coming from. But I would argue that your view of this is also colored. As an SEO and Link Builder you think what they have done is a good idea and a smart way to build links. That doesn't mean that it isn't a violation of their guidelines or even just a little over the top with all the Keyword stuffed links in these promotions.
I would be happy if these links just didn't count as much as they apparently do, rather than their website being penalized or slapped. I would also be pretty surprised if these would be accepted after a manual review. If Google does accept this practice without Overstock requesting that these links be no-followed than Google would be a hypocrite.