I've set up a new Airbitz account and after logging back in my local client shows the following funds:
ETH Tokens:10,000.0000; ETH:99.9955; REP:47.00
How come I already have ETH and REP in the newly created account?
Those are testnet tokens distributed to anyone that signs up at this stage to help test the Augur platform.
ETH is used as a (testnet) currency for these markets and (REP) is used as the (testnet) token to incentivize market creation and accurate reporting.