As far as Blockbuster's no late fee policy, it definitely worked. I stopped renting from competitors. Even if you keep a title for more than 7 days past the due date and you get charged for it, you still have 30 days to return it for a full refund minus the $1.95 (i believe) restocking fee. This is far better than keeping something for a couple of days past the due date in most other places.
But I agree with the rest, while I would like to see awesome offers with no fine print chances are I might not believe them. The "it's too good to be true" policy has worked out too many times for me in the past to start ignoring it all of a sudden.