DarrenBarefoot.com is reporting that with reasonable odds of winning:
First, it’s only Canada. Then, it’s only Pepsi drinkers. And it’s very early in the promotion, so there will be fewer participants. Plus, you enter an hourly draw, so if you choose hours where few people are likely to enter (late in the day Pacific time, for example), your odds wouldn’t be ridiculous. Plus, you don’t even need to drink Pepsi to enter. You can generate one PIN code an hour on the site.
I don’t have an iPod and don’t want one, so your odds are even better now!