To open a wallet with Neo initially you will need to be a Cypriot resident, we will be opening this up to EU customers once we have ensured no backlogs are created upon start up.

Bee on the other hand will be open to everyone on the island including tourists, you will be able to purchase pre-paid Bee cards (top up with BTC) and or use your smartphone wallet through the POS terminals. The prepaid cards would reduce data roaming fees for existing Bitcoiners who are on their travels in Cyprus.

It appears as though only a little over 1 million or so shares out of 8 million are currently being pre-bid, any guesses out there as to how long it will take to sell out?

Correct. The standard order-priority on exchanges is that bid orders with a higher price get filled first. In case of multiple bids at the same price, the bid that was placed first gets filled first. On BTC-exchanges, IP(V)Os are typically not much more than the issuer placing a single large sell order at the IPO price.

So if you expect the IPVO to sell out, you should ensure that you are either among the first to bid at the IPVO price or place a bid at a (small) premium.