All those who applied before February 27, 2008, would be processed to a final decision. That means immigration officers will eventually process the applications which were applied before February 27, 2008 and will make a decision whether these cases would fit the further legislation or not. The decision might be affirmative or negative, depending on whether a certain application fits the incumbent legislation or not.
To those who applied their applications after February 27th, 2008, immigration officers or likely a computer screening program might refuse their applications before any virtual estimate/background check/medical examination would be proceeded. Only those who passed the screening check would be processed to a final decision.