There was a thread on FT where another poster and myself had a discussion on this topic.

Basically there are two different offers: the standard 40K mile offer (25K + 5K +10K), and the elite 60K mile offer (40K + 10K).

What we ended up figuring out was that there were different languages for the two different offers. If you took the standard offer, the T&C stated that you'll receive the passes on the anniversary date - implying that you'll receive the club passes 1 year after you open your account. The language for the elite 60K mile offer was different, suggesting that you'll receive the club passes immediately, or starting from the "year 0" anniversary.

Where we ended up was that we realized the difference in the language, and we had confirmation from a bunch of different people that they took the 60K mile offer and received the passes within a month or so of the acceptance of the card. What we couldn't find was anyone that took the 40K mile offer and find out whether or not they received their "year 0" club passes.