I have following this topic very closely, and this is my story:
I applied for NOC 1122 through agent ***** on the 5th August 2011.
My application was received by CIC on the 10th August 2011.
After 3.5 months waiting, I called my agent and asked him for an update. He could not give me an update, so I decided to call CIC by myself.
I called them and after long waiting they found my application in their system. They said, Unfortunately, we have NOT processed your application as the cap was reached!
According to CIC the cap was reached by the 10th August 2011. My application was sent back on the 25th August, but till date I have not received anything yet.
I called my agent and told him my findings. He said the best thing is to wait, as CIC is not that efficient in their work (Desi style of work).
The agent also mentioned that it doesn't mean that the first 500 applicants are "eligible", CIC does a basic review and if that looks fine, they credit the BD or CC. After this they do a full review and at this point, they still can reject applications. This is point where they take another more eligible applicant into consideration.
So, dear friends - for me its just waiting and hoping for the best!