USCIS announced the H-1B regular and advanced degree exemption caps for FY 2009 have been met, meaning applications will be drawn in a lottery for processing.
USCIS will use a computer-generated random selection process for all cap-subject petitions received, beginning with the 20,000 advanced degree exemption petitions first.
Once that category is hit, the excess advanced degree petitions will be added to the regular H-1B petitions for random selection for processing.
If your petition is not selected in the lottery for processing before the 65,000 visa limit is reached, USCIS will reject it and return the filing fee.
More information is available on the USCIS website.