After calling six different GameStop stores in six different states, nobody knew or could confirm the poster. The best information we got was from a Manhattan store which said, "We can't release that information."
The super fine print at the bottom allegedly says: "All trades must be in working condition and are subject to manager approval. As GameStop cannot control production and shipping issues by the manufacturer, the reservation deposit will only guarantee a spot in line when the PlayStation 3 or Nintendo Wii becomes available. The reservation deposit does not guarantee receipt of a system available to purchase by Christmas."
We've contacted GameStop corporate and will let you know what we hear.
[Update 1: According to reports from Go Nintendo and Gamers Reports, the program is indeed true for stores in Hawaii and Guam. The program is purportedly being tested before a possible expansion into other territories. We're still awaiting an official response from GameStop corporate.]
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[Thank you to all those that sent this in]