I got the card last year when the bonus was 40,000 miles. The miles and the companion pass code were in the account before I ever got the card. I received Board Room passes in the mail shortly after. I used the companion pass for first class flights from Austin to Honolulu this October :-)

I applied for my wife when I saw this yesterday - got the "we'll let you know" screen. Since she gets the mileage for the flight to Hawaii she'll have a good start on the card!