They are going on a tri-monthly basis right now. Every three months, the old editors will be gone and they'll replace them with new editors that they'll pick at their choosing. You may or may not get to be an editor. I didn't get accepted last time but I entered again so we'll see if I get in next time. I'm not sure when the next round is but I know it's not for a while. I'd just forget about it for now and then you'll be surprised one day with the result! Lol.
I send out an email once a week to new applicants with information on the program and process. If you haven't gotten the email yet, you probably submitted sometime after Sunday afternoon, and you should get it this weekend
There's a lot of information here, and you can always email me at firstname.lastname@example.org with questions as well