Steve, it all depends on your SA, some SAs will not start lists if they are not already....if you get lucky and get a good SA they will. Believe it or not LV is still very low tech with their waitlist, they are just kept on paper in a binder. They probably do this on purpose for some 'fudge' factor...being able to 'bump' people up, watch out for VICs, etc.
I know my SA put in note about the mirior lockit for me last November, even though she didn't really think there was going to be one...Michelle came soon after me, and the doctor (who is a lurker on tPF) right after Michelle...soon, as word spread she laughed and said this was longest 'non-waitlist' ever. So when the official waitlist was started they called us and confirmed what we wanted.
The thing about waitlists is....if you really want an item, you have to remind your SA and stay on top it, offer to put down a credit card number, even if they decline it shows you're really interested. Also, remember just because you're waitlisted doesn't guarantee you an item...and don't despair if you change your mind, be persistent and your chances are good.
Last year I thought I didn't want any miroir...November came around and I changed my mind....I was in the store and buying a bunch of stuff, and they asked are you sure about miroir...I said, "yeah put me down, but I am probably too late, I know the waitlist started in May or June"...then I went home and decided I did really want it, so I waited a couple of days and called my regular SA...and pretty much begged..."I really want a silver speedy, I know I was late but anything you could do, would be great" I waited until the week before release and followed up again...sure enough, I got one on release day, Dec. 1.