There are two versions at least... 50% demand reduction and 12K full year FD and actually a third one that say 24K full year FD.
If 50% EB1 reduction is true it will blow past Jul 2007. Because tehn teh SOFAD becomes 8K(EB5)+20K(eb1)+9K (EB2ROW) + 6K(EB2IC)-3K (Porting) = 40K. It will almost certainly make teh dates current. "WHEN" is a bit of a question of policy. The way it will work is .... if the policy is to allow FD to EB3 then the dates will be made current close to Sep 2011. Otherwise if the polciy is to use SOFAD in EB2 itself for 2008 and beyond. They may need to make it current in May itself. Otherwise its too late.
The million dollar question is whether the 50% reduction is true? I do not know .... have been hearing so many different versions that its difficult to judge.
Guess will have to wait till the dust settles.
EB1 absolutely has been a big variable. Mid year spillover will be very interesting. But then one would expects dates moving quite fast right in may itself.
Ravi you used the word that came to my mind but didn't use it :-) Hopefully it won't be teh situation you "vividly" describe.
At the same time what CO has said is still fairly unclear. So need to avoid irrational exhuberance (hope i spelt it right!).