First, I wasnt try to state what I said as fact, I'm only going by what I read about the last VGC.
Sounds pretty much first come first serve to me. I dont know about the alternatives system but it sounds pretty fail to me because it doesnt guarentee you to get it.
It isn't first come first serve at all. When you took the test had no effect on your chances to get selected, and similarly there was no difference whether you were the first person to sign up as an alternate or the last. Random selection was still used to choose participants, which sucks, but it's better to have at least some people go to the tournament knowing they will be able to play (due to the online selection) rather than everyone be in the same boat of going unsure if they will be able to play (like it was in 2009).