I'm finally over 500. Today, I logged in just to check and there was a 10pt carnival earnings opportunity, so I'm sitting tight at 505.
From the way I understand it - current quarter ends on March 31st. So if you are at or over 500 e-miles by March 31st, then 500 miles will be posted into your designated ff account in April.
E-miles expire within 1 yr from the quarter in which they are earned - so perhaps it would make sense for me not to do any more earning opportunities until April, since I do have enough e-miles for my 500 mile award, and I doubt I could get another 500 e-miles just in March alone.