doubt in select() in socket programming in C

[polarbear12345]

suppose my server program has to deal with 1 listening socket and
1 stdin file descriptor eg.
while(1)
{
//select initialization
select(....args....);
if(FD_ISSET(listenfd,&fd_rd))
{
//some initialization
accept();
}
else if(FD_ISSET(stdin_fd,&fd_rd)
{
//do something
I/O functions
}
}

i wanna know if program is blocked in connect() or I/O functions and request for new connection arrives then that request will be stored in buffer maintained by listen() to be processed by select when program control reenters select or will it be lost.

similarly what if one of I/O fds become alive while program is blocked in connect() or I/O functions

also plz specify if select() has any -ve point....