Far as I understand it, it will be in some kind of hold for a few months. If the owner wants it then they have to pay $80 to get it back. If not, then after those few months (not sure how long 2 to 6 months or something) it's released and the backorder service will grab it for you. If this is a GoDaddy registered domain odds are you'll get it. If it's on another name service and someone else has backordered it on another service I'll bet it comes down to who is the fastest.