I just used it and it worked fine, got myself a $3.50 discount, so the card only cost 0.99 cents total!
I got a proper Paypal code email from ebay International, but it didn't address me personally, so it should work for you guys.
I know my timing sucks on it too! lol, but you have a month to use it, Expires 23rd June, 2006.
That's weird, because it was one of those emails with the big picture on it that had the code and all the general info on it. The email didn't address me personally either. Oh well, at least I got a discount! lol Sorry for getting people's hopes up