The CMs and developers have weekly meetings. As for how those meetings are done, I am not sure....could be in a plane Skype call from the comfort of their undergarments...the CMs do bring forth the pros and the cons based on players and moderator feedbacks (I am an active player, as are most mods). Perhaps they discuss it over a glass of Mimosa or water...
But the development team do look at all the options, see if it aligns with their vision, give a green thumb, red stamp, or possibly just never get back to us (The CM and myself) hahaha. If a green thumb is given, priority can be as high as done next week, to years :xelie shrug right here:
There will be times where it may not make it to development team, because the CM is like "they have discussed this to death, I can tell you the answer right now".