I would just point out that the value of a site with 4% rakeback would depend upon the size of the rake in the first place. If they raked much less than other sites, they could still be a better deal than a site with high rake and low rakeback. I don't know what the rake is like on 888, it would be interesting to know.
The rake rates of 888 are very low - in cash games they start at 5% and on some tables it is 1%, in tourneys they start around 10% and drop quite fast to around 5% on most tourneys. Compared to iPoker and Partypoker it is cheap and I can understand why they can't offer a substantial rakeback schema.
I agree it is difficult, especially for micro level players, to gather enough points for the bonus and VIP cashout - but:
this is something that so many players up to nl200 fail to think about. too many players get caught up in how big the VIP scheme is.
remember that most often, the better the VIP scheme/rakeback is, the more breakeven and slightly winning players will be attracted to it. so the games are reg infested at a site with an amazing vip program (hi stars!!!) as opposed to an awful vip system like 888, where the 'recreational players' don't necessarily care about the vip program with bonuses they can't achieve anyway.
This is a great point, which I hadn't considered to be honest, but I think it must be true. I play a lot of the 40 man 0,88$+0,08$ with a ROI above 30% and I was thinking to myself that I missed some rakeback, but come to think about it, I much rather beat a lot of fish than compete with a bunch of grinders like you see on Pokerstars 180 man 2$
So if you like the site, the competition and the software, take a look at your winnings and evaluate if that compensates the lacking in the VIP or rakeback department - I personally think it does.
Best regards
DocBrown112
. 100K hands played in these stakes and only near 800 reward points 
. Nearly 30K hands of NL10 SH in december and did not made better than 72% for reaching silver status.
