My wife and I picked up our pre-orders (iPhone 6, Silver, 128GB, AT&T) this morning at opening. We got there at 7:40 a.m., and we were maybe about 40 people deep in line. The reservation line starts at the BART station opening on Stockton (look for the "Reservation" sign) and runs down Ellis. Doors opened at 8; we were in by about 8:20 and out by 8:40 after two pickups and case purchases. We didn't have to open our box to activate.
The no pre-order line this morning went up Stockton, wrapped along O'Farrell, down Powell, and ended by the garage on Ellis.
The Apple employee managing our line was very sure that pre-orders would move *a lot* faster than walk-ins, and it seemed like it did.