I have delivery position 203. I recently received a letter confirming that the schedule had (understandably) slipped a bit, that Tesla now estimated delivery in Q1 2008 (I'm predicting Q2, because while they are doing great work, this is the launch of a new car by a new company and some additional slip would not be surprising). Tesla has decided to drop the 2007 1/2 designation for all cars, but the "initial run" cars (ex- 2007 1/2) will have placards installed that identify their manufacture number.
In the letter, we were advised that we would be contacted approximately 3 months before projected delivery date to finalize the exterior color and to pick 2 interior colors. For the initial run, all the cars are fully optioned, so only the colors need to be spec'd.