The H-1B quota is still open but the H-1B advanced degree quota is nearly full. So for anyone looking to make an application, my advice is to watch the numbers carefully as the end of the year approaches.
Depending on usage, the H-1B quota is filled at different times each fiscal year, but I'm always amazed when I meet folks who think that the H-1B program is already "capped out," or that since October 1 has come and passed, H-1B applicants would have to wait until April 1, 2012 since it's just too late to make an application.
While it is true that USCIS will begin accepting H-1B applications on April 1st of each year, it is not true that your case must be approved before October 1 of that calendar year. It is also not true that your case must be approved before the quota is finally reached. The business immigration attorneys at the Law Offices of J Craig Fong are still preparing H-1B petitions, so if you have questions or need assistance putting together a petition, please give us a call for a free consultation. --ecf