If you apply after June, 07. There could be no H1-B quota.

Then you cannot apply for H1-B until April 01, 2008. And since you are new H1-B applicant, you cannot use H1-B to work until Oct 01,2008. So between March, 2008 ~ Oct 2008, what will you use to work? Your OPT will be over even before you apply for H1 after April 01. You are not allowed to work since March, 2008.

If you have M.S. degree, you may apply for Advanced degree H1-B, it will last longer, maybe Sep, 2007. After then, it will be out of quota and you have to wait until April 01,2008.