I went down to GameStop at 8:00 this morning and was 10th in line. There were a few guys that came before midnight and slept there with sleeping bags and a rug they used for a mat. By the time the store opened, there were more than thirty people in line.
The manager came out about fifteen minutes before opening and announced how things would work. There were 20 preorders available (versus the 14 that store had for PS3). She went down the line and took people's names and phone numbers to avoid any conflicts over people skipping. She also gave us lists of all the games and accessories available for preorder. WarioWare was listed as 01/15/07 - hope that comes true!
They were taking controller reservations too (along with SD cards, Wii points cards,etc.) and said that nunchuk controllers will be limited. They didn't stop me from ordering a full set though. I'm picking up the system, three remotes, three nunchuks, and one classic controller. My game choices may change by launch, so I'll just pick those up then.
When she opened up, she gave the list of names to the cashiers and they only let people in to the store as a cashier became available. Since each controller had to be counted separately they had to split my preorder up into two tickets. They asked whether I wanted a warranty, but didn't try to sell me on it. I think they rather just wanted the whole ordeal over with.
One thing I was happy to hear is that the preorder ensures your spot in line on launch day. So the major duration of my camping out (a measly 2 hours) is over. I don't know if they'll open at midnight or not, but as Smash Bro said, I'm more than happy that I can just arrive right before the store opens instead of calling and running around town or waiting in a longer line after the awareness increases 10-fold.