In my experience, waitlists come through far less infrequently than just scooping up the reservations that come through on RAT. So far for my trip in January, I've booked 5 nights at BW. I waitlisted the last two days for both CCV and BC. At lunch last week, I was stalking the RAT and saw that the two nights I had waitlisted for at CCV were open...but my waitlist didn't come through. I called up member services and booked them. I also asked why my waitlist didn't just kick in and he told me that they're a little behind on the waitlists.
I don't know exactly what "a little behind" means but I take it as meaning that waitlists are filled, first come first serve, at a particular time of day. A program likely runs through an checks RAT and books/cancels rooms. Now, if another member sees and books that room before the waitlists are checked? Well, that room that had opened up is no longer open.
For the same trip, after I got the CCV reservation myself without a waitlist, I waitlisted the first part of my stay at BC. Three nights over MLK weekend. As usual when I first get into the office (and then at lunch), I checked RAT. And yesterday? My three nights at BC opened. AND I HAVE A WAITLIST THERE! I called member services and booked BC. So, two waitlists. Same vacation. None came through. I still got exactly what I wanted?
That tells me that being online at a time of a cancel is more important than a WL.
