For those looking to take advantage, here's a bit of advice from how it all went down last year:
1) Sign up for the promotion.
2) WAIT 24-48 hours
3) Transfer your points from AMEX
4) Your transferred points should show up almost immediately
5) Your bonus points and bonus MQM's may take 24-48 hours.
My bonus points took 24 hours almost to the minute.
Don't expect anyone at AMEX or DL to accurately tell you when your points will transfer. Some people got them right away, some people waited weeks. If you don't see your bonus MQM's right away, you may have to be patient.