Coca Cola has launched MyCokeRewards.com. Collecting points starts out with their 20 oz bottles but will spread across their product line.

Delta and Hilton are redemption partners, and so far it looks like about 950 cokes gets you enough miles for a free domestic flight. Lounge passes are even an option.

So far the financials don’t seem to work out to make it worth buying Coke just for the miles (unlike the recent Airtan/Wendy’s promo). But it’s enough to get me to buy Coke over a competitor that isn’t offering points.

My bet is it won’t be long until we see redemption codes for sale on eBay…