Here are some personal experiences:
At lockerz you can't just get some points and exchange them, you must wait for the time when they release the items just like everyone else. It's more like a lottery.
Lockerz is always having problems with servers and no matter how much they talk about upgrading the servers, the site always die when they release some items.
They show pictures of a lot of things that are supposed to be released but in reallity they release a VEEERY limited amount of items like 1-10 and thousands of people fight about them in a slow loading website that give a lot of errors.
Now those that actually were fast, did they receive anything? I'm sure some did get something but from my personal experience it's not like that for everyone. I did not get my lockerz VIP tshirt like they promised and this was a very long time ago. A friend of mine converted points for a ps3 but did he get it? He waited for the confirmation link a very long time and after a few days lockerz staff said that the script made an error and released too many items.
I have converted all my points for an apple mouse, the only thing I saw being available. I did get the confirmation link but a few weeks later I'm still here not seeing anything comming to my email box.
For all the new beginners, don't give this site a chance because it does not deserve it. Maybe when lockerz become more professional but not now. Don't belive the youtube videos, they just want a few referrals so that maybe they can also convert points for prizes that are not available.