IPhone :: Reserved Phones Really Reserved?

I mean I keep hearing you end up waiting in line in the reserve line and the advantage is the line goes faster.But, I may be in a situation that I can only pick up the phone much later in the day (I mean after 7 PM) depending on my work schedule.Does this mean they'll actually hold it all day or am I going to be SOL (I think I heard one launch they did end up running out of iphones for the reserved people and late comers had to wait). And please tell me if I'm SOL that it probably won't be a 3-4 week to get one in. Basically the biggest thing for me is I want one before July 21rst which is when I go on vacation (I want to have its camera and video capability by then).