It depends on a number of factors, really...
Twice in the past two months, I've had the priority tag on my bag/First Class printed on the luggage tag on my return to HNL. The first time it came out first at the baggage claim in HNL. The second time it came out near to last.
So who knows... at least it's better than those folks over at CO...

With an EliteAccess tag on their bag, God knows where those bags end up.
aloha