No, it's just a pre-authorization type thing. It makes the phone quicker and easier to buy, and if you are there early you are in a different line. iPhones are still sold on a first come first serve basis regardless of whether you "pre-ordered" or not. They will not actually set one aside for you. This is the reason on Tuesday night I switched to ordering online instead of having to go to my Apple store early in the morning and waiting to get my "pre-Order".