This is brilliant if they are proactively exchanging flight credits for TP's - far more flexible !
EDITED to clarify: when you say you couldn't score a refund so you mean you called because the a flight was cancelled and you were offered the pass? (this has been standard procedure for some time) or did you receive this out of the blue? (which is how I first read this post)
I hope this is something that is rolled out to all credits. I would be rather happy if I got some (well I would be more happy if they had DSC, but beggars can't be choosers
)