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Thanks, I've been wondering about this too :)
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I have a VIP card and use it at Zellers mostly and they give you 10% off your purchase. It says right on it that you don't need student ID. I got it by subscribing to LouLou last summer and that cost $14.95. There are a lot of other stores that are geared to younger people that offer various % off or specific freebies. You can use it at Swiss Chalet, for example, to get a free salad or side order of perogies. I've done that a couple of times too.
I wondered if I would use it enough to justify the cost - but I would say from my point of view it's worth it.
I know that a few people who applied for VIP cards wound up with 2 mailed to them and offered them for trade but all this action happened in the summer. Hope that helps.