Just noticed this deal in the Velocity App. Multiple plans available with different point offerings. The 40k velocity points seem to be only offered on Mobile Handset $125p/m 24M plans, with 3 months plan fees waived included. So, if you were planning to get a phone or a SIM card on a plan anyway, or renewing your existing contract, this seems to be a better offer than previous flybuys offerings.
I would personally hold out until closer to the end of the deal to see if Optus would offer any better deals to go along with the Velocity offer.
*This introductory offer is only available to Velocity Members who (i) sign-up, as a new Optus customer, to Optus My Plan Plus 24 month handset Plan (under "Mobile Phones"), Optus My Plan Plus 12 month SIM only plan (under "SIM Only"), Optus Connected Device Plan over 12 or 24 months (under "Watches"), Optus Data Plan with a device over 12 or 24 months (under "Tablets") or Optus Data month to month plan (under "Data SIMs") listed on www.optus.com.au/velocity('Eligible Optus Services'), or (ii) sign-up to a new contract term, as an existing Optus customer, to Optus My Plan Plus 24 month handset Plan (under "Mobile Phones") or Optus My Plan Plus 12 month SIM Only plan (under "SIM Only") listed on www.optus.com.au/velocity("Eligible Optus Recontract Services"). Only available online at www.optus.com.au/velocity. Offer ends 9 December 2019. The Velocity Points on Eligible Optus Services and Eligible Optus Recontract Services are listed on www.optus.com.au/velocity. This offer is not available with other offers, unless specified.
Members must provide their Velocity membership number at time of sign up or recontract to be eligible to receive Velocity Points. Your Velocity account must be registered with the same name as your Optus account. Your Optus service must be active for 30 days to be eligible for Velocity Points. It may take up to 6 weeks from activation of your Eligible Optus Service for your Velocity Points to be awarded to your Velocity account. Velocity Points cannot be claimed retrospectively. Optus terms and conditions for the selected Eligible Optus Service apply. Cancellation fees may apply. A member's Points will expire 24 months after the date of last Velocity account activity. Members are subject to the Velocity Membership Terms and Conditions as amended from time to time.