I don't have any recent experience but quite a few years back it was basically a wait list for a slip. Put your name on the list and you had to be present to get the slip. The list was long and I remember sitting there for hours in the marina while we waited for our name to be called. Once you got it you were golden. I have waited in line at that launch ramp for 2 hours before, so it was definitely worth the slip.
I had some friends who had a bunch of stuff stolen from their boat in the marina during that time. There were a bunch of other boats being broken into as well. About a year later they found out that the thiefs were scuba diving in during the night and ripping everything off, then scuba'ing out with what they could. They found their house loaded with tons of the stolen stuff. Crazy theives.