Here's my first (and last) attempt at bidding:
I paid for a forward facing mini some time ago and later put in a bid for one of the forward facing Club Class mini's as none were available at the time I booked. I entered my bid for the maximum allowed ($150 per person- for reference, $50 was the minimum) as I really wanted one of those CC forward cabins. My bid was never accepted or denied. Then, one morning, I just happened to log on to look at the inventory of cabins for this cruise and low and behold, a forward facing CC mini popped up as available. I immediately placed a hold on it and called a Princess rep to make the switch After a few minutes on hold, the rep came back on the line and asked me for a credit card to pay for the upgrade to Club Class: $101 for the two of us to upgrade from a MF cabin to a M6.
Two take aways:
1- It seems no one is monitoring the inventory and offering available cabins to those who have bid via the new upgrade program.
2- It's also obvious that the minimum "weak" bid of $50 per person actually turned out to be the honest price for that cabin.
After years of sailing with Princess, I must admit I'm a little disgusted...