I am a lowly, MVP- and I have cleared for first class stand by (when waitlisted at time of booking normally 14 to 21 days in advance) about 50/50 as long as I am not on planes with normally high numbers- i.e.- Friday night or Sunday night. It happens more often when I am traveling alone, but my husband and I have had good luck too. I have even been seated in coach, and brought up to first when someone has not shown up.
So, it happens- just have to think a little ahead as to what flights to book- and hope for the best.
For long flights, we will normally use miles and upgrade at the time of booking. For us, that makes life easier all the way around.
rlb