There are plenty of specific tips I'm sure people will list here for what rookies should not do, but maybe an overarching point you can make is whenever faced with a doubt about calling up the company, STOP and THINK about how that could affect the deal for others. Stop and Think before every step you take in this hobby.
I know I accidently called the company once when I was new to this hobby, and may have contributed to killing off a good bargain. I felt very bad afterwards. If I had slowed down just a bit, I would have caught myself.

The beginning of the post makes it sound like I would get 100K total MR points – is that correct?

"You get:

$200 reimbursement of incidentals in the remainder of 2011 (watch the timing). I use it for AA gift cards (keep under $100 each). See Flyertalk postings about the Platinum incidental reimbursements. The reimbursements are done on a calendar year: $200 reimbursement of incidentals in the beginning of 2012. Again, I use it for AA gift cards (keep under $100 each)
50,000 Membership Rewards points (special bonus good through the end of December for meeting $1000 spend in three months). Even if you do not use the airline lounges/clubs, at this point the net outlay is $50 ($450 fee, less $400 gift cards) assuming you can use the gift cards for other travel that you would have anyway. You’d pay $50 to get into the Admiral’s Club for one day so that would break even if you were to save even one visit.

Plus, you can get the 50,000 Membership Rewards points, which I’d conservatively value at $500 if not more depending on whether you use it to apply against a ticket or transfer to one of the partners such as BA, Hyatt, Delta, etc. So the use of the lounges/clubs and the Global Entry System ($100 credit for application fee) are all gravy! And if you wait until next November and register for the Small Business Saturday, that is another $25 credit at your favorite local restaurant that takes Amex cards. You typically get the card within 2 to 4 business days of being approved, so it doesn’t take long to swing into action.– Chris N"

I hadn't realized that you can transfer MR points to Hawaiian miles, so that's good to know.

I assume you could then transfer the Hawaiian miles to Hilton points. You'd end up with 100k Hilton points (worth more than $450 I'd say) since Hawaiian transfers to Hilton at a rate of 1:2.

LOVE your blog and some of the other big-travel-bloggers! I have definitely learned a lot and have just recently had the opportunity to practice a few of the ideas, but am planning on having the time (and a move back to the States will help) to learn all I can about the world of travel-hacking. Also hope to be a "newbie" at the 2012 Chicago conference. The point is- keep up the great info.- it is definitely worth your time and effort- it is a lot of info. at times and with 3 kids running around sometimes it's hard to concentrate and get my brain wrapped around it, BUT this "game" is something that I am super excited about and I owe it to a chance-meeting with your blog!

Bill, sorry if it was not clear but under the terms of this offer the total MR points is 50,000. The paragraph starting with "Plus you can get" was meant to discuss the value of the 50,000 MR points. There have been 100,000 point offers but usually they are targeted via email and letters to individuals.