Just to follow up on this. If you check out Apple's info page on this:The Apple Store I went to today said... When making a reservation for the Upgrade program, that is reserving the phone. Pay the sales tax and then the following monthly payments. (You wouldn't pay for a phone that they don't have).
http://www.apple.com/shop/iphone/iphone-upgrade-program
It clearly says there that everything is going to be handled in the store. The only thing you be able to do tonight is make a reservation to buy the phone in the store using the upgrade program. It says nothing about a phone being held for you and I would be really surprised if that was the case. Especially since they won't be getting any money from you and they will have hundreds of paying customers lined up ready to buy. You could just not show up.
Now, if you show up early and get into the separate reservation line you may score a phone. They could just easily tell you that the phones are now out of stock and either ship it to you or have you pick it up in the store.
Of course I could be completely wrong. I hope I am, because I want to do this myself. But I'm not going to do it if I have to wait for weeks to get a phone. We will find out tonight. Hopefully they will make it clear on the site.
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