It is a merchant loyalty system in which consumers can earn cash back on their purchases.  It does involve multi-level marketing in which commissions are earned by the party that was responsible for signing up each new consumer.

It does have a Bitcoin angle though ... gift cards can be purchased using Dwolla USDs.  So there is a path from Bitcoins -> USDs (at an exchange) to Dwolla -> Lyoness  then purchase a gift card for Chevron, BP, Walmart, and dozens other national brands.

Here's more info:

Purchase Gift Cards for Merchants in USA BTC+Dwolla+Lyoness=Gift CARDS
 - http://bitcointalk.org/index.php?topic=156968.0