The benefit doesn't kick in until 2012 based on what is posted on co.com.
2012 updates to note
* By mid-2012, Elite members earning 100,000 EQMs or 120 EQPs or more will have upgrade priority over lower-earning members.
I think this means if you earn over 100,000 eqms in 2011, then you would have priority over lower earning members in 2012, but I'm not 100% positive about this.