請教Pjiang老師 and everyone: H1b extension after 7 years. Thanks.

My H1b visa will be valid to 10/31/08 (7th year) and my firm is preparing the petition for my H1b extension. Question 1), I aksed my boss to use the Premium Processing Service to get the extension approved before 10/31/08. My boss said that my case does not need the Premium Processing Service and unnecessary to get approved before 10/31/08. It will be Okay as long as we submit my case before 10/31/08. Is he right? Question 2), My firm sponsors my green card (EB2). My I140 was approved. Priority Date is current. Can my firm petition a 3-year extension for me? or only the 1-year extension? Thank you very much.