I had 9 wins and 1 loss on my placement matches. It placed me at 1495 Elo. After a few more games I dipped down to about 1400 Elo, and it placed me in Silver I.
I'm not sure if it placed me based off of my highest Elo or the current Elo. --- Remember remember... the 30th of November. The day that heroes could not save the world. ~In remembrance of City of Heroes.