I also put in for an exchange back in August/September, 07 for 7/09. If I remember correctly MS said we would be notified by mail about a week or so after the match but that it would show up on the website first and to check it every so often. I keep checking mine and nothing yet - I go to the 2009 year and my points are all still there. I am going to give it til the end of this summer (08) and then cancel - since I like to plan ahead for the following year (and not two months before).
When are you looking to go? and when did you put in your request? Just curious.