Just got back from Target. I was only the 2nd person to place the "pre-order" from that location, so this doesn't seem to be that well publicized.
What the rep told me is that they are taking pre-orders over the next several days. They'll then use that order to submit to the warehouses and hope to fill the order. Once the phone arrive (presumably the 19th), they'll email customers to let them know that the phone arrived and that they have 48hrs to pick up their phone (obviously can't pick it up before the 20th). If you don't pick it up, it goes to the next person on the list.
What....you can order a 5s from target, then they will let you pick it up on the 20th?
----------
Anyone planning to use an upgrade, DO NOT order online at 12:01 and then attempt to find one in a store at 8:00. Your upgrade will be used at the time of your online purchase, and you will not be able to received subsidized pricing in-store.
I just visited an AT&T store, and this is what I was told.
Not true...you can just cancel the online order and get you upgrade back.