I'm spending about 25% of it on a new digital camera and the rest is going to pay off credit card balances. If you have debt that you're paying interest on, it's much smarter to just pay as much of it off as possible.
This is a political gimmick similar to the 3 month gas tax freeze some have proposed that will do nothing for the long term economic security of the country. So please don't believe that if we all go out and spend it, inflation will curb, commodity prices will decline, and housing values will suddenly shoot up. It's like trying to put a band-aid on an amputation.