I think I'm pretty much done looking for people in the 1940 US Census until an index comes out (at least for California, Michigan, Ohio and Pennsylvania). In summation, I found a lot of people (my mother's side, all in California)... and didn't find a lot of people (my father's side, all in the Midwest). I found people where they were supposed to be, couldn't find people where they were supposed to be, and accidentally found some people I hadn't even started looking for yet.
Here is a run down of my ancestors looked for and found... or not found (hat tip to Begin with 'Craft' for the idea):
Maternal Grandmother (Chico, Butte, California)
Maternal Grandfather (Elkhorn Twp., San Joaquin, California)
Gladys Viola Healey, great-grandmother (Elkhorn Twp., San Joaquin, California)
Elmer John Shinn, great-grandfather (Elkhorn Twp., San Joaquin, California)
Gideon Gottlieb Berger, great-grandfather (Chico, Butte, California)
Georgiana Wellons, great-grandmother (Chico, Butte, California)
Lauren Everett Healey, great-great-grandfather (Alameda, Alameda, California)
Niels Christian Nielsen, 3rd great-grandfather (Alameda, Alameda, California)*
Paternal Grandfather (Jackson, Jackson, Michigan)
Paternal Grandmother (Warren, Trumbull, Ohio)
Joseph James Allen, great-grandfather (Jackson, Jackson, Michigan)
Daisy May/Marie Croad, great-grandmother (Jackson, Jackson, Michigan)
John Grant Allen, great-great-grandfather (Jackson, Jackson, Michigan)
Mary/Marion Wood Allen, great-great-grandmother (Manistee, Manistee, Michigan)^
Joseph/Giuseppe Lapiccirella, great-grandfather (Warren, Trumbull, Ohio)
(Maria) Nicoletta ? Lapiccirella, great-grandmother (Warren, Trumbull, Ohio)
*likely not enumerated, died 4 April 1940
^unknown whether living in 1940 or not, not in 1940 and later city directories so probably deceased by the time of the census.
The above does not include the dozens of aunts, uncles and cousins found and looked for as well.
So am I going to sit around and wait for the census to be indexed? No. I don't feel right just waiting for someone else to do all the indexing, and besides, why should they have all the fun (and indexing is fun, at least I think it is)? It is also very easy to do. So far I've done over a dozen batches for California and one batch each for Colorado and New Hampshire. Have you started indexing yet? If not, why?!