Man, there's a lot of hate going on in this thread on Best Buy.
They only took preorders for FOUR DAYS before cutting them off and switching it to a waiting list, which they only left open for a single day before switching it off as well until after the launch. Had the demand level been around the same that it had been for the 4S, it probably wouldn't have been such a big deal.
From what I understood, Best Buy got majorly shafted on iPhone 5 shipments. Initially they were expecting one box (10 units) of each model/color for each carrier, so about 60 total phones per store at launch, which isn't bad for a 3rd party dealer.
Best Buy got less than half of what was originally communicated to them by Apple, and most stores only got 3 or 4 boxes of phones on launch day. AT&T 16GB black models were most prevalent and also the most preordered model. I had been put on the waiting list for a 32GB Black for AT&T at the store I picked mine up from, but still got in on launch day because they only had 8 preorders for that model, but received 10 units.
I don't see why people are so quick to hate on Best Buy, it's not as if they control their supply. If you can get the phone somewhere else, you could've just easily canceled your preorder and gotten your cash back. I had registered for their Phone Freedom program earlier in the year so I got my 32GB for $250.