I've moved some posts regarding the online upgrade procedure into this thread to keep everything regarding this topic together in one place.
To me it looks like they, again, have accidentally put this live. Quite a few aspects are broken/incomplete, most notably the terms and conditions - as well as the how-it-works page like shown above.
I'm curious to see the terms, and especially if it will mention the prioritisation of wait list entries. There is a good chance that the process itself will be improved once this is fully live, meaning that being waitlisted may start working differently from how it does now. Hopefully a more predictable system will be introduced going forward.