Mostly there's no queue, just whatever order the editor wants to view them in. (Some editors do view them in date-of-submittal order.)
The new submittal does remove the old one in the same category, which relieves editors of the burden of one common form of, um, aggressively importunate submittals -- and provides a check to the imaginations of submitters who happen to be both superstitious and importunate -- alas, also a common combination of attributes.
But chances are it won't have much effect one way or another. A site is either listed, or submitted (in which case we're reminded to consider it when we want to work in that category), or neither (in which case we have to dig to find it.)
Submitter reputation is a minor issue; otherwise, there really aren't any other significant aspects to a site's state.
