For the first time in several years, the H-1B visa cap has not been met on the first day that H-1B visas have been available. All H-1B filings that have been filed and received by April 7, 2009 will be accepted by USCIS. It remains to be seen for how long the H-1B visa cap remains open and available.
When the USCIS declares that the H-1B visa cap is met, all cases receipted on the last day will be subject to a random lottery. Until the USCIS declares that the H-1B visa cap has been met, cap-subject H-1B cases may continue to be filed.
Similarly the H-1B Masters cap has also not been reached.
UPDATE: AILA is reporting that USCIS has received about one-half of the 65,000 H-1B visas for the regular cap, but that the Masters cap has nearly been reached.