My I-140 got approved last month and my priority date is Nov 2011. I checked the visa bulletin today and the current date for EB3 is July 22, 2006. When should I apply for I-485? Now or when my visa date is current? Please advise.

you just wait until your priority date becomes current. that is going to take another 5 years. good luck

 You can't file your I-485 until the PD is current. For EB3 you have to wait next 5-7 years to file I-485 if HR 3012 bill will not through the senate and be a rule.

If so, then you have to wait more than 10-12 years.

What happens to the status till then since he is still in H1b I believe?

 but why do people aks if we can file I-140 and I-185 simalteneously...and some have done this too...what is different about this?

That is for EB2 buddy. EB2 used to be current ( Right now it is not). Only if your priority date is current then you can file I-140 and I-485 at the same time

Didn't you know the difference between EB2 and EB3 while you file your labor and I-140?? c'mon man/. Yes If your case is EB3 then you are technically screwed at this time and you have to wait for 5+ years to file I-485.

I know we cannot change from EB-3 to Eb-2 using the experience from the same company but does anyone know if we can change from EB-3 to EB-2 if we received the Masters degree in the mean time (while waiting for the PD to be current)? Conditioned, that my new job in the same company will require Master's degree.

You can use the experience from same company if you have new title and new position has duties/responsibilities 50% different than your current position.