It's interesting that some hours after the opening - only a single auction is in progress, and that started by a Linden Name. It appears that auctions are five days long. (There's a map window in the auction page too... but it's broken as it shows all the areas around as available.) The main map is also broken - as the areas adjacent to the auction are in the 'available to reserve' color, they are not actually available.
Two private islands have appeared in the Eastern 'free to bid' zone, and even though you cannot bid on areas around them they are not outlined in red like the main areas. (Basic failure of UI design.) Not to mention the fact that *private islands should not show on the map*.
In the SE corner of the reservable area - a single sim shows as being reserved, and like the private islands, you cannot reserve the areas around them, even though they show as available. (I.E. like the private islands to the east, the UI is broken.) What happened to it's auction?
This is a predictable track record given the incomplete information provided in the announcement of the program. This program isn't even ready for public Alpha, let alone Beta.
Observation: There's been no rush to use the service - unsurprising given that the big guns have announced their intention to not use the service. It'll be interesting to see what happens in a year - when the main areas of the Grid open to speculators.
Vast areas of the main Grid are blocked from reservation - but in a poor manner. Some sims are 5 squares away from potential griefers, others two, or one.
Observation: The limits to potential mainland expansion are also now visible.
Observation: On the land auction map and on the SLURL map, lands shows on the Eastern end of the main continent that does not appear on the in-game map. (Specifically, north of Michelangelo and south of Key Largo.)
Note: I do not support the Land Store. I provide this information as a service to all Residents, regardless of their feelings on the matter - much more is revealed by the land store than meets the eye.
Edit: Speeling