Yeah, I don't have a problem with them taking some time to make the transaction. I like getting my WL so if it takes them a week to process...no biggie IMO. I also had one (back in July) where I had a WL but grabbed another option I saw open up (but had to borrow more points to book it). As I booked I noticed my WL had disappeared and was perplexed. Then I saw that room, I had WL, pop up the next day as available so they had it held for me but in the time it took to process I used the points for another option (and borrowed more than was needed for the WL so I didn't want to switch). From now on, when I have a WL, I will just call MS to book something instead of WL or to cancel WL...just to be sure it's not processing.I believe they do have CMs assigned to this function. Have been told that they work them in the order of arrival (i.e., those with start dates of next week get worked before those with arrival dates a month from now, etc). These CMs get pulled to work phones when phones are busy, though, and lately, there have been complaints of long hold times.
Wish they'd add a software notification when a waitlist matches with a note that a confirming reservation will be ready soon.