At http://www.cic.gc.ca/english/department/media/backgrounders/2008/2008-07-03a.asp it says:
The new law allows the Minister of Citizenship and Immigration to issue instructions to prioritize certain categories of applications received on or after February 27, 2008, and to return, unprocessed, applications that do not meet the priorities.
What is says on http://www.cic.gc.ca/english/department/media/releases/2008/2008-07-03.asp is this:
To meet the 2008 immigration plan, which calls for the admission of 240,000 to 265,000 new permanent residents, CIC missions around the world continue to process applications submitted before February 27, 2008, the date the legislation takes effect. With wait times exceeding six years in some categories, few missions are currently processing applications received in 2008, which is expected to be a transition year.
...
Applications from federal skilled workers who already have a job arranged for them when they arrive will also be processed. Other applications received on or after February 27, 2008 in the federal skilled worker category will be considered for possible processing once the instructions are issued.
So if you applied before February 27, you are under the old system where you wait your turn. If you applied on or after, you will be processed if you have a job offer, otherwise you wait until the list comes out and what they plan to do if you are not processed within a year is to return your application and fees and you can decide if to apply again.