I fully sympathize with the transparency and speed of the process, and no-one is more frustrated than me. I feel a graduated site with proper branding and styling would attract and keep more users, if nothing else because it will look more permanent.
That said, the SE team have graduated a large number of sites now and (looking in from the outside as I do) I can imagineWell I'm pleased to echo Robert Cartaino's comment below that the uncertainty of the current (less than transparent) process might be better than exposing us to fluctuating timescales and prioritiesMovies.SE is slated for graduation.
It pains me to sayHowever please note that while I do have a little more insight intoits uncertain when the actual process of starting a design will happen, I've been askedas there is a significant backlog of sites to keep the current status somewhat under wrapsgraduate. That said I don't see any reason why I cannot answer the specific questions here: Get ready your ideas for a theme and/or a name!
Does SE expect us (as the community) to further develop the site before a graduation is possible? No, I do not believe we are expected Of course it will be important to developcontinue to grow the site any further in any specific direction. That said improvement - numbersin terms of questions, increasing numbers of answers,and quality would all be welcome, before or after any graduation.
is there another reason (out of our hands) why it has not happened yet? Yes, I have been told that there are good reasons it has not happened yet,of questions and not to be unduly concerned about this.
My honest opinion at the moment is that while graduation is not 100% certain (like any business SE may change its strategy for any reason), I am confident that the hard work put in here by everyone will result in a graduated site.answers!