It seems that way....problem is finding flights with any O remaining, cant see ANY (from MEL at least)
I have read somewhere, (not 100% sure), someone has done it in the US, it says when it opens, you will need to answer a quiz.
Then they will make a draw, winners will be issued a code via email to book.
So does it means any Y flight will have the base fare written off with the code when checking out? maybe.