Yep!
http://www.nwa.com/services/electrav/efirst.shtml
Apparently, you have to be a non-elite for this to apply... but I'm pretty sure everyone with the potential for EUA has already cleared for this to be available at check in.
I'm not positive if this is how it works, but obviously, if it is, it's not often that it's available. I've never had (but looked for it often!) prior to being an Elite on NWA.
This *sounds* similar to Alaska Airlines $50 First Class Upgrade option available at their check in kiosks at the airport. If only Alaska would let you do the same upgrade during an online check in, or a least raise your hand for it... I hate checking in at the airports.
-Adam