That is incorrect. Not sure what part of "the phone will be held for all reservations until the close of business on June 24" is so hard to understand.
Let's say your local store has 300 reservations. And let's say they get in 400 phones. (I'm skipping the 16/32GB differentiation for simplicity, here.)
In that case, they'll only sell 100 to the "sweaty dudes who waited in line since 1:30AM." They will NOT sell the 300 pre-reserved phones on June 24. Those phones are reserved for specific people.
Now. If 50 of those people don't show up by the close of business, those 50 reserved phones are fair game on June 25.
But if you reserve a phone at the Apple Store, unless Apple tells you differently before June 24, your phone will be waiting for you and only you.