Personally, I think MacHeist was a waste of time for anyone but a high school or College kid.
If a company wants to do a real promotion to drive attention to the software, there are other ways to do it.
Do you ever wonder why ads for Tonka trucks don't just have adults in them? Real promotions take the age of the people they're selling towards into consideration.
It may seem like a waste of time to you, and that's fine, but most college students don't have lots of money to buy software. Most college students are also caught up in a culture of piracy, due to the RIAA-i2Hub war et al. By offering this type of promotion to college students, they are introducing the concept of being honest to a group of kids who have no conception of it.
Think of it this way- Apple made iTunes Store big with a huge free-songs-with-a-Pepsi campaign. Now those people are acclimated to the idea of buying music on iTS.
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Personally, I'm thankful I have a job. I'd hate to ever be in a position where I am pirating other people's work, but I know there are a ton of my fellow college students for whom that is not possible.