They will not give you a gift card for the price you paid originally. If they do replace the laptop it will be with one of comparable specs, probably refurbished. Which, you must admit, is better than your multi piece squished laptop. Good Luck.
I work for circuit city and since you purchased the protection plan, you need to call the number that came with your plan. They should have provided you with a plan detail that tells you what you should do in case something like that happens. You should contact them and they should send you something to send it to them in and they will yes either replace it or give you a gift card for the amount you paid for the computer.