I went over to reserve squadron at Oceana and they told me I could apply while still on AD as long as I had separation papers that gave me an EAS. With a obigation that ends 1 Sep 08, they said I could start applying for the January board assuming I had already resigned and was approved.

Now that may not make me competitive, but they'll take the application. They said they do not even accept applications if you are not qualified, and having the AD EAS is the requirement (among others).