If I have an event on my wishlist that conflicts with no other events on my wishlist do I have the same chance of getting it no matter what priority I set it to, or if I set it to a low priority will it be given to someone else who set it to their top priority?

(i.e. in my imagination everyone who hits "process wishlist" gets put in line and when they get to the front of the line the things in that specific wishlist gets processed, and any conflicts between events that still have open seats get resolved using the priorities set...   someone else has told me what "really happens" is somehow people who have chosen a higher priority get a "better chance" at getting a ticket for a given event then people that have picked that event at a lower priority)
 

Each wishlist is processed in its entirety before the next.  So the priority of events in your wishlist only matters if there are events that overlap in time, you'll get the higher-priority available event if you have a conflict.