Sweetness! I just went and applied as well, and I was approved. 2.2% fees, here I come! 🙂
For those who haven't done so yet, check it out. Log into PayPal and click the "fees" link on the bottom of the page. Then click on the link in the right column, which is regarding "receiving funds" to a business/premier account. In the first paragraph of the next page is a link for "Merchant Account". Click, read, and submit. You need to accept $1000 a month (which most PowerSellers do) and it says that you need to maintain that. You have to be in good standing on eBay and in PayPal, and agree to the terms. I read them, and it's just standard "we own your a$$" stuff. And voila, your profits just went up by 0.7%. 🙂