This is not totally correct and since no one seems interested in looking at the AFI, I will step up and help you all out. There is only one AFI that governs Palace Chase and it is conviently named 'Applying for Palace Chase and Palace Front Programs' or AFI 36-3205 here is a link
In response to KingHerc; on page 7, table 1.1, rule 2 it says: "Have completed at least two-thirds of the initial total ADSC by requested date of seperation (DOS)." I don't know about you all but my INITAL ADSC out of ROTC was 4 years, I have subsiquently added additional time by taking on additional training, using TA, and PCSing. Also, nowhere in AFI 36-3205 does it use such slack language as 'commitment' because that shit changes every six months and is undefineable. Also nowhere in the document does it say anything about 'force shapping'. KingHerc is right about something: you are at the mercy of AFPC in San Antonio, but wrong when it comes to your chain of command. I never asked my commander(s) for permission to get into his squadron/wing/numbered AF/command why would I ask him permission to get out? I asked AFPC, and that is where it will circle back to.
Moving on. If anyone is really interested in Palace Chase you won't get it done from your computer. Grow a pair, tell your commander, call your career field manager, talk to a ANG/AFRES liaison at your base (they are at every major base) and they will walk you step-by-step through this program.
Sorry for the flame but I just got out of the office and people never want to help themselves and are always asking to be spoon fed and I took it out on you all. But that is some good information for real. And finally the current climate regarding Palace Chase: the AD AF is 2,000 rated officers short and is hesitant to let anyone out from any rated career field. Having said that last week I put in my second PC application. Why? Because you will never win the lottery if you don't buy a ticket.