There are more qualified than I to address this topic.  But, nobody else has stepped up.
So, like the authors of The Fundamentals of Thai, I am.

http://www.thaiembassy.com/thailand/thai-permanent-residency.php

And away we go!

This poster is a troll and has been banned.

This is an unofficial commercial website, with associated mistakes and omissions.

"You must have had a Thai non-immigrant visa for at least three years prior to the submission of your application. Holders of multiple NON-Immigrant visas can not apply. You must have 3 consecutive yearly extensions in order to qualify.
You must be a holder of a non-immigrant visa at the time of submitting your application."

It contradicts itself about visas/extensions :-(  The requirement is 3 unbroken years of yearly extensions.

Also, no mention of the 80k a month salary requirement. Because of this, PR is not available to those on retirement extensions.

For those that are married, there is no requirement to obtain PR before applying for citizenship, (should that be the desired end result).

Benefits

Buy a condo without having to transfer money from abroad.
You can become a director of a public company.

You can apply for an extension of stay for a non-Thai family members.
Stay in Thailand permanently without a visa.

Circumvent visa runs, red tape and extended stays.
Obtain a work permit quickly and easily.

Obtain a permanent residence book and alien registration book.
Improve your chances of acquiring mortgage financing.

Get one step closer to citizenship.

Qualifications

To become eligible to apply for Permanent Residency Permit, the applicant must meet any of the following criteria:

Must hold 3 consecutive 1-year visa extensions.
Must have a valid work permit for 3 years at the date of application.
Must earn 30,000 Baht monthly income (for those married with Thai spouse for 5 years) and 80,000 Baht monthly income (for those who are single).
Applicant must present 3 years of tax statements proving the above income

Application Guidelines
A foreign national qualifies to apply for a residence permit if he or she has been permitted to stay in the Kingdom for a total of at least 3 years up until the date of application.

The opening date for applications in each year varies, depending on an announcement by the Minister of Interior. Once the announcement has been issued, applications may be submitted up to and including the last working day of the year.

For details concerning the opening date for applications contact either Section 1, Immigration Division 1, Sub-Division 1, Immigration Bureau (Room 301), Soi Suan Plu, Bangkok, Tel. 662 287-3117 or the Immigration Office of each Region, depending on the location of you domicile in Thailand.

An application should contain a detailed explanation of the true and exact reasons of why the applicant is requesting a residence permit. This is for the applicant's own benefit; as such information will assist the relevant officials to make a more rapid decision.

In addition, a number of documents need to be included with each application, in accordance with the category under which the application is submitted:

Business or employment purposes;
Investment purposes;
Experts or academics;

To support a family (wife and children) who are Thai citizens;
As a dependent of a husband or father who is a Thai citizen;

Accompanying a husband who already has a residence permit;

Retirement.

Bangkok office where applications can be submitted:
Section 1, Sub-Division 1, Immigration Division 1, Immigration Bureau (Room 301), Soi Suan Plu, off South Sathorn road, Sathorn District, Bangkok.

You may check with the Immigration Office in your area if residing in another region of Thailand.
The application fee is Baht 7,600 per person.

The applicant must apply in person at the Immigration Bureau will require a set of fingerprints for the purpose of checking for a criminal record.

  Nobody will ever call you Farang, or Kee Nok, or Kee Nieau again. Or perhaps all of them.

I'm in a perfect position to go for this

The above post fails to mention the 191,400 Baht you have to pay if your application is successful.

Seriously?

Yes, totally.

This board appears to be suffering from multiple personality disorder.