With the recent patch, today's 1.2.190, PGI has finally introduced phase 3 of the matchmaking, an ELO based match making system. You can review the complete list of changes bought by this patch here.
More on the ELO based MM, here.
About Elo and Competitive Play
As you know, Elo is now a functioning part of Match Making. We are aware that this is going to cause problems with tournament/community organizers who rely on sync-drops to play against specific teams. While not officially sanctioned by PGI, we do appreciate the effort these organizers are putting in to run these events.
That being said, we are not intentionally trying to disrupt your ability to do so but at the same time, this side effect of Elo helps curb the problems associated with sync dropping. Elo is meant to balance the Match Making mechanic for the entire community.
If PGI's ELO MM works or creates unforeseen consequences, we shall see.
Currently downloading and patching.
[Update - 20.02.2012]
Earlier this morning, PGI took notice that EMO based MM has issues with creating very long queues. They tried a quick fix to remedy the situation but it failed, so they decided to take down the system and revert the MM back to phase 2.
Our data shows that the lone wolf queue times are still too long so we are rolling back to the previous match making system while we analyze the data and debug why lone wolf queue times are too long.
We have to starve out the current matches so you'll likely notice that games are even harder to find for the next 15 minutes while the system cycles but should then be back to the same times as before this patch.
Sorry for the inconvenience and we hope to have the ELO match maker back to you as soon as we can address the lone wolf queue times.
[Update 2 - 21.02.2012]
As you might very well know by now, the ELO based MM is back and so far there are no new issues reported regarding it's functionality.
I specially sat on this update to check if things went right this time