I used to be a conspiracy theorist on this point, but I've since come around a little. While it's not always first come, first served in the strictest sense, the Pappy hunt does reward diligence (sometimes to the point of obsession!) but mostly rewards loyalty: if you are a regular shopper with whom the store maintains a relationship, I think you have a better shot than someone who just pops in once a year looking for Van Winkle. In the case of Binny's this year, specifically, I'm pretty sure they stuck to a no-hold policy, which is akin to first come, first served, but I think mitigated with an emphasis on regular customers ahead of the pack. Maybe a better way to put it could be that the more familiar with you they are, the more transparent the process becomes?
I should stress that this perhaps held true primarily for quieter Binny's locations outside of Chicago. Chicago sounded to me like a mad scene of waiting lists and lotteries and delivery truck chasers and lines out the door.
I did note this year I encountered more outright misdirection than usual - I had someone at Binny's lie outright a couple of weeks ago that the shipment had come and gone, all three bottles - but if I were a store getting called a thousand times a day for a month about the same hard to get product, I'd get a little grouchy, too. I was in Bardstown, Kentucky when the Pappy got released around there, hanging out in a small, well-regarded shop, and the phone calls were coming one after the other. The proprietor would basically pick up the phone, say no, hang up, complain to us in the most colorful of terms, then repeat the process when the phone rang again a few seconds later.
Two other things: FWIW, the Four Roses 2013 Anniversary Small Batch has been much more elusive than either the Pappy or BTAC this year. Also, Pappy, BTAC, Four Roses or whatever be damned, we live in a golden age of bourbon, and the number of incredible bottles that can be had for $30 to $50 is pretty incredible, from Weller 12 to Elmer T. Lee to Wild Turkey 101. Blows my mind what budget goodness abounds.