I'm in basically the same position as you are. I ordered my iPad on the morning of June 5, and it has been "stuck" in Shenzhen, China. According to my tracking information, Fedex received shipment notification on June 17, picked up the iPad on June 18, and it has been sitting in Shenzhen since June 18.
Fedex says delivery by tomorrow, June 23, at 10:30 AM. I'm skeptical now, but we'll see what happens.
Patience is a virtue.
My Fedex tracking information looks like this:
Jun 21, 2010 3:29 PM
At local FedEx facility
SHENZHEN CN
Jun 21, 2010 3:29 PM
Clearance in progress
SHENZHEN CN
Jun 18, 2010 9:13 PM
Clearance in progress
SHENZHEN CN
Jun 18, 2010 9:13 PM
At local FedEx facility
SHENZHEN CN
Jun 18, 2010 6:25 PM
Left FedEx origin facility
SHENZHEN CN
Jun 18, 2010 3:54 PM
Picked up
SHENZHEN CN
Package received after FedEx cutoff
Jun 17, 2010 11:42 PM
Shipment information sent to FedEx