It's like this:
On Jan 1/02, your status miles total resets to 0. You have all year to earn 35k and get Elite for the year March 1/03-Feb 29/04.
But if you fly 35k early in 2002, your Elite package (card, upgrades, etc.) will be sent right away, so you'll have the use of it for the rest of 2002 through 28/2/03. PLUS you'll have status for the year starting 1/3/04. (These year numbers are scaring me!).
Shareholder's point was that if you fly 35k this year, you get Elite through Feb/03. If you fly 35k in January, you get Elite through Feb/04.
andrew