Apple is using a trick they used in China to keep things a bit more orderly. They are allowing users to reserve an iPhone on Apple’s website between the hours of 10pm and 4am to pick it up in-store the next day.
The idea is that you can pick up a handset (pay for it, at the site) and go to the store the next day when you have time to pick it up. Any other iPhones available can be purchased first-come, first-served.
It’s nice to know that those people with a busy schedule can quickly pick up an iPhone 5 if they buy one the day before rather than try to rush to the store or hope that they can put one on hold in hopes that it’s available in the coming weeks.