The idea behind the program was that you, the consumer, got to engage with Pepsi by voting for the "Refresh" projects you deemed most worthy. There were also other opportunities to engage through an enormous online effort -- Facebook, Twitter, YouTube, website, blogs. Millions of dollars were also spent in what might be called "traditional advertising in support of social media."
Skeptics (such as yours truly) have been eagerly awaiting a report card on this initiative as it is the first real test case for a major brand implementing a massive transfer of marketing resources from traditional advertising to social media.
The results are now in. It has been a disaster.