I think I understand your situation. If you have an open work permit then you can work for any employer which is valid to the date your work visa expires, but what you are saying is that you have applied to extend your visa but this time with a named employer who has applied for an LMO who will now be stated on the WP you have applied for. From the way I understand it then I would say that you will be allowed to continue on implied status as until a decision is received in writing from CIC you can continue to work under the status you have on your current work permit, which was an open work permit, obvioulsy once you get your new work visa through with a named employer you will not then be able to keep changing employers again unless they have an LMO. CIC will hold your application for 2 months from the date they received your application in which time you have to send the LMO otherwise they will refuse your application regardless if the LMO is still processing, that is what has just happened to us.