I was on the list for about 4 years when I received an email from the RM shop, that said I could pay and receive my knife.. So the list does work, the last I heard that by about 2010 the list was about 7 years long.
I ended up declining my chance to get the Woodlore, it was just too much money to me. They were 170 Pounds when I signed up and over 400 when my chance came up. I passed it to the next person on the list. I'd love to own one but there are limits to my budget.
I do believe that if your name is on the list you will be offered a knife, you can then either pay or decline, which takes you off the list.