First of all I love your signature - it made me laugh and I needed that today!
The "priority date" is the date of your PERM filing. You will be "bound" to this date throughout your entire Green Card process. The USCIS allots available visa numbers based on your priority date. In essence, it's a "take-a-number-and-get-in-line" way of thinking. You can see the current priority dates visa bulletin here: http://www.travel.state.gov/visa/frvi/bulletin/bulletin_1360.html
So, as you can see, the sooner you file for your PERM (the day you file for PERM is your priority date), the sooner you will be able to file for your I-485 (Green Card - Adjustment of Status.) I'd recommend doing it ASAP, as the longer you wait now, predictably the longer you will have to wait until you can file your I-485. And, you don't want to have an issue where you run out of H-1B time in the US. Although, I guess I can't 100% say that b/c they are so sparratic with moving the dates backward and forward. If it was me, I'd file now.
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