Is the application treated as an Accelerated Examination application?

No. With the exception of the provisions of the limited waiver of 37 CFR 1.99 and 1.291, the examination process for these applications will be performed in a normal manner following established methods.

However, participating applications will be advanced out of turn for examination for the initial examination on the merits so the results of the pilot can be reviewed in a short time frame.

USPTO FAQ - Questions and Answers (25JUN2007)