It probably depends on the view you want. I tried to book 2BR Standard for this August at the 11 month mark and there were none available. I booked LV and have been on the waitlist for standard view since September.
I booked a 2 br dedicated lv to split with my Beach Club at the 7 month mark during F&W in October. /I don't think LV rooms will be hard to get even at 7 months.
You can't book before 11 months, you are correct about that. But at BLT there is a very limited number of Standard View (lowest points per night) villas & they book up very fast and that is what poster Disfanshan has been waitlisted for - a Standard View villa; if I remember correctly Lake View at BLT has the most villas available followed by Magic Kingdom View. Also, there are villas at BLT that have not been declared into DVC's inventory as of yet so those villas are not bookable with points until then.
Members can call 11 months prior to check in and book up to 7 nights on that call. Let's say you want a Standard View room at BLT with a check-in date of March 29, 2011. You could call tomorrow (Apr 29, 2010) to make your reservation. Only about 10% of the rooms at BLT are Standard View and they are very popular. If a lot of members called within the past 6 days to book a Std View room for up to 7 nights each it's quite possible that there would be no more Std View rooms available on your check in date of March 29, 2011.