I just called to check availability for upgrading WTP to CW using Avios. As expected, there wasn't availability, but without prompting the agent said that they would put my name on a waitlist if seats get released. He didn't call it a waitlist, but he said something like "Our agents will keep an eye and check as each batch of seats gets released and then call you if there is availability, so you don't need to keep checking."
This is the first time I have heard of an upgrade waitlist - is this real, or just something to make me feel better?
There is absolutely no formal process for this. If an agent is doing this its totally reliant on them personally checking availability and calling you. There is no such list or anything that your name can be added to to say you are looking for avios availabilty...imagine the size of the list!!!!