If you, like me, took part in crashing the National Archives site the day the 1940 census opened to the public, you will be EXTREMELY EXCITED TO KNOW that several states are already searchable by name, that several more have been completely indexed but are not yet searchable, and that the deadlines are being beaten... volunteers from genealogy societies, members of various stakes of LDS, and individuals, have all contributed.
I personally met a man who has indexed over 60,000 names and a woman who has indexed over 20,000.
DELAWARE, OREGON, COLORADO, KANSAS, and VIRGINIA are searchable.
I also saw a demonstration of the application that is used and it sure is making it easier to read and submit - the wonders of technology! Now I know that indexing is not for everyone, but I want to encourage you to do a batch or two (one batch is one page of an ED), especially in the states of Pennsylvania and New Jersey and New York, which need help! (You do not need to be from the state to participate!)
To use the FAMILY SEARCH 1940 site, go to the FamilySearch site, and click on the top left 1940 picture. You'll then see a map of the USA color coded to show progress. (Or you can take the easy way there and click on the title of this post!)