Update: Now it is official and confirmed by USCIS. Here is the official press release from USCIS.
As expected, H1B visa cap for 2008 was reached on day1 itself. On USCIS website, there is no official notification yet, but AILA has posted a PDF file that says its a notification from USCIS. Not sure why USCIS hasn't provided this notification on its website but provided the announcement document just to AILA. Quite strange, suspicious and confusing.
U.S. Citizenship and Immigration Services (USCIS) announced today that it has received enough H-1B petitions to meet the congressionally mandated cap for fiscal year 2008 (FY 2008). USCIS will use a random selection process (described below) for all cap-subject filings received on April 2, 2007 and April 3, 2007. USCIS will reject and return along with filing fee(s) all petitions received on those days that are not randomly selected.
As of late Monday afternoon (April 2), USCIS had received approximately 150,000 cap-subject H-1B petitions. USCIS must perform initial data entry for all filings received on April 2 and April 3 prior to conducting the random selection process. In light of the high volume of filings, USCIS will not be able to conduct the random selection for several weeks.