I received my card late last week after waiting about the same amount of time. I called the number that was included in the email letting me know that my trade-in was received and accepted. The representative told me that part of the delay was due to the the fact that the promotion expired Nov. 15th (last day to send your phone in) and many people waited until the last minute to complete the process. He also said that there may be some delay due to the holiday (Thanksgiving). These circumstances may also account for your delay as well. Oddly enough I received the card two days later.
Try calling the number in your confirmation email and they can confirm your status and let you know when they may be shipping the next batch of cards.
I got ripped off too. My son purchased an iPhone and we were told we would get $100 for his env3. I went online the next day and filled out the questionaire. I waited for the envelope to come in the mail, and after 45 days I called in to find out where it was. They apologized for the delay and said it was on it's way. 2 weeks went by and it finally arrived. I sent the phone in and the day before Christmas received an email stating they had received my phone and they had determined it appraised at what I stated ($100) and my gift card was on it's way. 2 weeks later I get a card for.... $1.75! I called their support # immediately and was told I would be contacted either by phone or email. No contact. So I called again. This time I was told that because I sent the phone in more than 30 days after the purchase of the iPhone that was all my phone was worth. Verizon MADE SURE that I could not send my phone in prior to the 30 day limit, sent me an email saying that I would receive the $100, and then pulled the ol' bait and switch. This program is a scam! And I am letting everyone know about it. This is not my only complaint regarding Verizon, and as soon as my contract is up I will be dropping Verizon and moving on.