iPhone Developer Program Limited?

So it looks like we might already be seeing the first snag in the whole iPhone development thing. I filled out the form, asked them to take my $99, and then I waited a whole week. I just got this:
“Thank you for expressing interest in the iPhone Developer Program. We have received your enrollment request. As this time, the iPhone Developer Program is available to a limited number of developers and we plan to expand during the beta period. We will contact you again regarding your enrollment status at the appropriate time.”
So the issue here is will Apple be restricting the ability to make iPhone apps even before it sees the app? Will it only be accepting big developers, like EA and Sega?
For me, this is an important issue. I have the tools and am already working on an iPhone app. But now I’m nervous about the whole thing. Am I wasting my time? I can spend weeks working on the app, and then find out that Apple doesn’t want me in their program because I am too small of a shop or something.
I simply can’t afford to spend weeks or month developing something only to find out I can’t publish it.
So I guess I will halt development of my app until I find out. It is too risky. I wish Apple would clarify, or just take my $99.