H-1 to F-1 Visa Query

MBA
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there is a whole section devoted to this in the BUsiness week forums (international thread)

I don't know if this is the right section...but I'll go ahead and post it anyway.
I am currently on my H-1 visa and will be converting to a F-1 visa this Fall. I am assuming that there are others in the forum who'll be doing the same. My wife, who is a dependent, will transfer to a F-2 status.
Can someone describe in detail the workings of this process - how soon do I need to file for COS to get my F-1 approved before August 2007?
Thanks,
DesiGan