Correct, but you will be allocated a seat BEFORE check-in opens. So when check-in does open, most if not all seats are already occupied, many by those with the cheapest economy ticket with no seat selection.

I'm not sure those of you with status have noticed this as you are able to select before this happens.

I am pretty sure the issue the original poster is complaining about is not that those with status and those prepared to pay extra can select seats before they can. It's the random allocation of seats to those who have expressed no wish to select a seat, in advance of his opportunity to select one as per the terms of his ticket.